NIKE Inverse Head & Shoulders start the recovery

Nike Inc. (NKE) broke above the 118.70 Resistance of the Shoulder level of the Inverse Head and Shoulders (IH&S) pattern that started in August. Having rebounded last week on the 1D MA50 (blue trend-line) and already now above the 1D MA200 (orange trend-line), this IH&S bears resemblances with the one in early 2020 which kick started the post COVID crash recovery.

As you see even the 1D RSI sequences between the two are similar. It would appear that right now we are in the process of turning the 1D MA200 in a Support as in mid-June 2020. Two weeks after the price convincingly broke above the Right Shoulder and the rally stopped just below the 2.0 Fibonacci extension.

If the current pattern repeats the 2020 one, then the 2.0 Fib extension will get the price to 155.00. That is just below the 0.786 Fib retracement from the All Time High. Right now the price is on the 0.382 Fib.



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