Just Chart It
Now, I've been watching Nike (NKE) for a few weeks, and it's been ultra-reactive to an area of support I've identified.
In fact, the price broke, failed, retested and has broken down again.
We know our hand-drawn analysis is done correctly when price is reactive to the area(s) we identify as either support or resistance.
Nike's price action was reactive to this support/resistance area now for nearly seven weeks before it finally broke down for the second time.
The great part of the way I do my analysis is that we know in advance when something is setting up… Usually up to several weeks before it actually does.
All I have to do is check in on it at the end of the week to see if something appears actionable or not.
Well, I opened up my favorite charting platform this past weekend and found that Nike had finally broken out!
And that triggered the opportunity to sell Nike for a potential shorting opportunity. Click here to get all the details...
Yours In Trading Success,
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