On Feb. 17, 2018 ($68.30), we suggested that the rise above ±$60 (A) signalled a breakout from a large trading range (dashed lines). Shortly after our report, Nike (Friday’s close $93.04) started a major up-leg that reached a high of $86.04 in 2018 (B) for a 26-per-cent appreciation at that time.
The stock then pulled back and found support near ±$70 (C) at the rising trend-line (solid line), resumed the up-trend, and then settled in a horizontal range between $77 and $90 for most of 2019 (dotted lines). The recent rise above the top of this range signalled the resumption of the up-trend, (D).
Only a sustained decline below $86-87 would be negative.
Point & Figure measurements provide targets of $99 and $109. Higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com