Nike retests the support– analysis 26-08-2016

Nike shares ended Thursday trades lower by (-0.98 point) or (-1.63%) of the previous closure around the level 59.50 after it was able to hold above 57.95 level, comes after rebounding from 54.70 support, after passing 56.90 level to face the support level 55.50 support, 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.

Generally; the price is now trading above 59.50 level, as if the price was able to trade and hold above this level it will target the next resistance 61.20, but trading back below 59.50 level will push down the price to retest 57.95 support.