Nike: oscillators do not confirm the downward trend

Nike technical view is negative. The major oscillators does not confirm the downward trend, watch today closing. Price below the 14 days SMA (61.60).

On the 28/03/2016 Nike close was at 61.34 (-0.50%). For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. An inside bar pattern drawn on daily chart, marked a third consecutive negative trading session. The major oscillators does not confirm the downward trend, watch today closing. Today trading session forecast is for price movements between support and resistance levels.
NIKE INC. downward trend

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 61.60). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels. Strong bearish signal: the price crosses below the 14-day moving average (SMA value is 61.60). Today trading session forecast is for further prices dropping towards the most significant support levels. However, the sell signal should be confirmed with increasing volume.
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: 28/03/2016.

Performance: 7 trading days= -2.91% – 15 trading days= +3.53% – 30 trading days= +8.72%

Resistance levels: R1= 61.80 – R2= 62.25 – R3= 62.98
Pivot Point: 61.52
Support levels: S1= 61.07 – S2= 60.79 – S3= 60.06


Buying opportunity above 61.55, targets minor resistance at 62.34 and perhaps as far as strong resistance at 62.87, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 64.27.

Selling opportunity below 61.10, targets minor support at 60.31 and perhaps as far as strong support at 59.79, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 58.40.