History is a guide, NKE needs to drop

11 gru 2019From Nike's history we see that almost all gaps get filled on this stock. Three randomly chosen shaded horizontal rectangles represent three gaps (there are many more) that all got filled eventually. Recently price action has been "sloppy" with wide gaps being made which will surely be filled sooner or later, there is also one at 84.83 which I have labeled which never got filled. Further we see that a recent Cup and Handle that has formed has almost reached it's target price in the low 98s and I will probably be shorting there unless there is strong volume supporting any move higher. Last but not least from the angled trend lines we see relatively string divergence indicating that institutional investors are more likely than not disposing of the stock. Earnings on Dec. 19th will be interesting. Please leave any comments or ask questions.