Nike (NKE)
By Tue, Nov 17, 2020
Hey there,
Today’s Chart of the Week comes from our premium monthly conference call for All Star Charts members.
We’re looking at Nike (NKE).
It’s breaking out, and I think it’s ready for the next leg higher.
After a failed move last week, it’s ready to rip.
We are LONG Nike if the stock is above $131.
Below that, we are just watching, but once NKE is above $131 I love this stock with 50 points of upside, targeting $181.
That’s as good a risk reward ratio as we can hope for.
Til next week, good trading,
JC Parets
P.S. If you didn’t get a chance to join us live, check out the replay from last week’s live Charting Room session.
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
