Don't Ignore This Chart!

Nike (NKE) Makes A Move

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The battle for sports jerseys is always a big deal. Its an even bigger deal with the World Cup in 2014. Nike (NKE) is interesting because the stock was relatively static leading into the World Cup in Brazil. Now it has broken above a 10 month consolidation with average volume. As a large cap stock Nike is trying to push into the top quartile on the SCTR. You can see the stock lapsed when it fell below the top quartile back in December. With a nice breakout last week and a close near the highs of the week, NKE hit another high today. 

The volume has been declining, but lots of charts have had declining volume. At least it pushed higher on the breakout week. The MACD is going higher. The $SPX relative strength is breaking above the last 6 months. With NKE outperforming the $SPX, this all looks good. Maybe it will be McIlroy, a Nike celebrity, that wins the Fedex Cup in golf this weekend and push another Nike Celebrity into the global spotlight. We'll have to see, but currently we can put a big swoosh beside this stock.

Good trading,

Greg Schnell, CMT

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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