The case for Nike
NKE and HD are two of my favorites.
NKE is what I would consider a regular, swing trade setup, while HD is just about to report earnings. Both have pulled back down to the 50 SMA, a key area of support, and have begun to trigger to the upside.
This is where NKE stands…
NKE doesn’t have earnings until December, and it typically does well in the weeks preceding earnings.
It is also one of the top weighted XLY stocks, and has been outperforming the market. As long as XLY continues to outperform, I’ll continue on focusing on some of these names.
NKE Daily Chart —
NKE has pulled back to the 50 SMA, into a key Fibonacci cluster. The nice round number of $100 looks like a magnet, and a great spot for a bullish butterfly.
I wanted to give you something actionable this week as we roll into Thanksgiving despite the fact that I’m currently under the weather with the flu. So take a look at NKE, and let me know what you think.
ALSO be sure to check your inbox in the coming days for some exclusive deals… I’ll give you a hint… what happens every year right after Thanksgiving…