Nike Could Be Trying to Break Out Before Earnings

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Nike has taken a long pause, but now the sneaker giant may be trying to break out with earnings due Thursday afternoon.

NKE beat estimates on December 21, eliciting a wave of bullish analyst notes. However the stock rallied before the report, and proceeded to ease lower for the next 2-1/2 months.

The result has been a price channel with a slight downward slope. Given its big run off last year’s, that’s starting to resemble a long bullish flag. (Notice the similar pattern between September and November – also following a strong quarterly report.)

For more, please click here to view the related idea and chart analysis on TradingView.

Nike (NKE), daily chart, with key events marked, courtesy of TradingView.
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