The resistance level curbs Nike shares rising – analysis 01-07-2016

Nike shares ended Thursday trades higher by (0.07 point) or (0.13%) of the previous closure, 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 55.50 resistance, which consider as a positive sign for an upcoming positive rise that may push the price to pass 55.50 resistance to the next one 56.90, which requires the stability above 54.70 level, as if the price returned below it, the price will retest 53.85 support initially.