In Monday night's "Mad Money" program Jim Cramer put together a slowdown shopping list that included Nike (NKE) , a long-time Cramer favorite, and staple in times of weakness. Let's try on a few charts.
In this daily bar chart of NKE, below, we can see that prices are retesting their April zenith. The slopes of both the 50-day moving average line and the 200-day line are positive, which tells us that, mathematically, the trend is up. The daily On-Balance-Volume (OBV) line has been in a bullish trend from the middle of December and this helps to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator moved above the zero line in early July and this is an outright go-long signal.

In this weekly bar chart of NKE, below, we can see that prices are above the 40-week moving average line, which is just turning upwards again. The weekly OBV line is not at a new high, like prices are, and that is an indicator to keep an eye on. The MACD oscillator is just turning up again for a fresh buy signal.
In this Point and Figure chart of NKE, below, we can see that a trade at $89.96 would be a new high for the move up and refresh the uptrend. A potential price target of $104.15 is being projected.

Bottom line strategy: NKE might "chop around" in the $88-$90 range in the short-run, but with the indicators in a bullish position, we should eventually see an upside breakout and rally to the $100 area. A close below $85 will weaken the picture.