Nike technical view is mildly positive, buying opportunity above 58.93

Nike daily technical view is mildly positive, retracements towards the most significant support levels are likely.

Yesterday Nike Inc. close was at 58.72 (+0.50%). For intraday trading session the technical view is mildly positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels, considered that the major oscillators show values still negatives.
nike technical view

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 59.16). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 09/05/2016.

Performance: 7 trading days= -0.37% – 15 trading days= -1.41% – 30 trading days= -4.50%

Resistance levels: R1= 59.12 – R2= 59.53 – R3= 60.27
Pivot Point: 58.79
Support levels: S1= 58.38 – S2= 58.05 – S3= 57.31


Buying opportunity above 58.93, targets minor resistance at 59.68 and perhaps as far as strong resistance at 60.18, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 61.52.

Selling opportunity below 58.49, targets minor support at 57.73 and perhaps as far as strong support at 57.23, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 55.91.