Nike (NKE) – Bearish DailyPlay for Friday, Dec 14th, 2018
The bearish DailyPlay we chose for Friday, Dec 14th is Nike (NKE). NKE is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 3.48% move lower and its 1m and 6m trend have turned bearish on 12/4 and recently bounced lower off its $105 resistance level.
Nike’s 1m and 6m trends turned bearish yesterday and recently bounced lower off its $75 resistance level. With a technical score of 8 (out of 10), NKE is a strong stock that is starting to turn lower.
As a stop loss, if NKE was to trade above $105 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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