About a month ago I published a bullish chart for-NKE.
The stock did have a run from 55 to 60, but the technical condition has deteriorated.
A sell Fractal was generated August 31 (red box).
All three of the top indicators have weakened.
The CHOP indicator is approaching an exit of the shaded area (below 38.2), and the CHOP ZONE indicator below this is red.
YOUR COMPASS FOR DIRECTION, the alligator, is feeding in the down trend.
Because CHOP is going below the shaded area, and your COMPASS IS DOWN, the selling will likely be strong in the down-trend.
Shorter term charts have issued multiple sell Fractals. In my opinion-NKE is not a stock you should own (long).
Good luck to you. Don.
The stock did have a run from 55 to 60, but the technical condition has deteriorated.
A sell Fractal was generated August 31 (red box).
All three of the top indicators have weakened.
The CHOP indicator is approaching an exit of the shaded area (below 38.2), and the CHOP ZONE indicator below this is red.
YOUR COMPASS FOR DIRECTION, the alligator, is feeding in the down trend.
Because CHOP is going below the shaded area, and your COMPASS IS DOWN, the selling will likely be strong in the down-trend.
Shorter term charts have issued multiple sell Fractals. In my opinion-NKE is not a stock you should own (long).
Good luck to you. Don.