Nike falls to face the supports – analysis 22-07-2016

Nike shares ended Thursday trades lower (-0.77 point) or (-1.33%) of the previous closure falling from the level 57.95 to face the support level 56.90 that coincided with SMA 50, comes after it fell reaching the support 51.40 that coincided with the channel support, as the price moved within a bearish channel during the previous trades.

The price rose during the previous trades from 51.40 support that coincided with the channel’s support, pushing the price to rise passing the bearish channel with passing 54.70 lately and to reach 56.90 resistance, which considered as a positive sign for a positive rise that pushed the price to pass 55.50 resistance.

Trading back below 57.90 led the price to retest the support 55.50 that coincided with SMA 50, s if the price traded below this support it will decline ahead the next support 55.50 that will coincide with SMA 100, but holding above 57.90 will push back the price to rise again.