Nike’s Woes is a Buying Opportunity – Bullish DailyPlay – March 26th, 2019
Bullish – NKE $82.33 – Consumer Discretionary
The bullish DailyPlay we chose for Tuesday, March 26th is Nike (NKE). NKE is part of the Consumer Discretionary Sector (XLY). XLY has rallied 1.10% higher over the past month and its 1m and 6m trend turned bullish on March 15th and recently bounced higher off its $112 support level.
Nike’s 1m and 6m trends turned bearish on March 22nd but recently oversold and bounced higher off its $81.50 support level. With a technical score of 6 (out of 10), NKE is a neutral stock that will likely reverse higher.
As a stop loss, if NKE was to trade below $81.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.