$NKE sees tough times ahead

$NKE sees tough times ahead


February 2023


Alex Cole

$NKE has had a strong run in a "Go" trend that started late last year.

After moving slightly higher earlier this month we have seen price correct from the high and GoNoGo Trend started to paint mostly weaker aqua "Go" bars.  GoNoGo Oscillator as this was happening fell to the zero line.  After briefly pausing at that level, it fell into negative territory which was a threat to the "Go" trend in price.  Quickly after, GoNoGo Oscillator rose to test the zero line from below and was rejected after the build up of a small GoNoGo Squeeze.  This coincided with GoNoGo Trend painting an amber "Go Fish" bar as the market was unsure of the strength of the "Go" trend.  The next and final bar, we have seen GoNoGo Trend paint a pink "NoGo" bar as GoNoGo Oscillator moves lower into negative territory.  We will watch to see if price breaks below $120 as the "NoGo" continues.