In our June 6 review of the shares of Nike (NKE) , we wrote, "Continue to hold longs from our May recommendation..." The apparel maker is set to report their latest quarterly numbers after the close of trading Monday so let's check the charts again.
In this daily bar chart of NKE, below, we can see that prices have tested the $105 area at least three times in recent weeks. This area is now considered a base for future gains, in my opinion. Prices are trading only slightly below the declining 50-day moving average line.
The On-Balance-Volume (OBV) line shows improvement from the middle of May as traders shift to aggressive buying from aggressive selling.
The Moving Average Convergence Divergence (MACD) oscillator shows us higher lows from March and is now only slightly below the zero line and a new buy signal.