Took a trade on
NKE
on Dec 1 (last Friday) as the price closed above the resistance zone per the chart image.
Since then the price rallied as expected. It is now approaching my first exit point at $117, so I will exit 30% of my contracts.
My short/medium term target will be the red diagonal line on the chart which is the 2023 resistance level, at about $119-120 per share.
The MAs are all sloping up pointing to a short term bullish trend, however the oscillators are showing overbought condition so I would be wary of a near term pullback. This will provide me with an opportunity to add more contracts with a longer DTE if the price sentiment hasn't changed.
Hope this was helpful for the readers, follow for more trade ideas.
Thank you,
BK
NKE
on Dec 1 (last Friday) as the price closed above the resistance zone per the chart image. Since then the price rallied as expected. It is now approaching my first exit point at $117, so I will exit 30% of my contracts.
My short/medium term target will be the red diagonal line on the chart which is the 2023 resistance level, at about $119-120 per share.
The MAs are all sloping up pointing to a short term bullish trend, however the oscillators are showing overbought condition so I would be wary of a near term pullback. This will provide me with an opportunity to add more contracts with a longer DTE if the price sentiment hasn't changed.
Hope this was helpful for the readers, follow for more trade ideas.
Thank you,
BK
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