$NKE TOP 20
Added 2024-06-09 16:21:45 +0000 UTC$NKE announced during the week that they are cutting jobs and the market responded very favourably to this news.
We were also seeing positive moves for $ONON and $SKX, while $LULU also reported this week and it was better than expected.
This all amounted to a positive reaction from $NKE and a perfect breakout above the 50 Day MA and bounced strong.
The bounce however brought the price action exactly to the yellow historical support/resistance line, which we did see a rejection at this level in April but the price was still below the 50 Day MA then......now the price is above the 50 Day MA, so bulls will be encouraged by this.
A break above $97 and holding and $NKE could test its 200 Day MA next at $101.
We know when $NKE reverses, it moves very strong, so far it is off to the best possible start
Low risk position would be to start buying above the 200 Day MA to catch Wave 3.
