$NKE above resistance in “Go” trend

$NKE above resistance in “Go” trend


October 2023


Alex Cole

$NKE has surged higher than resistance we see on the chart.

This horizontal trend line shows the concept of polarity as it has been both resistance and support over the period of the chart.  As the new "Go" trend formed, price consolidated around that level but the recent bar shows it has climbed above it.  With GoNoGo Oscillator returning to overbought territory we will watch for any Go Countertrend Correction Icon and then look for support at what was resistance.  We will also of course look for the GoNoGo Oscillator to find continued support at the zero line to confirm the strength of this new "Go" trend.  Should price climb from here we can set an initial target just above $111 from prior highs.