Nike - Weekly

Nike continues to form a cup handle with further trendline support.

Nike continues to grind higher on the weekly trendline support dating back to October 2022. Support for the stock sits at $121, followed by $116. A cup formation is currently forming with MACD flat on the weekly timeframe, RSI currently reads 56. Towards the upside $129 is a good level to aim for with resistance at $131 March highs. A break above here opens Nike to aim for $180 in the medium term. A break of $116 could see Nike drop to $100.