Nike shares rise and face the SMA– analysis 21-10-2016

Nike shares ended Thursday trades higher by (0.09 point) or (0.17 %) of the previous closure around 51.40 level after trading below the level 56.90 that coincided then with the support of SMA 100 and the bullish trend line to trade below 52.95 level currently, comes after rebounding from 54.70 support and after passing 56.90 level to face the level of 55.50.

The price rose during the previous trades from 51.40 level pushing the price to rise passing 54.70 to reach 56.90 resistance.

Generally; the price was able during the previous trades to trade below 51.40 level, as holding below this level will lead the price to retest 50.65 support initially, but trading back above 51.40 level will push up the price to re-test 52.95 resistance, considering the negative pressure provided by the SMA 50.