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When we look at the Nike's (NYSE:NKE) chart, we see the reversal after the fall in the $118 earlier last week and the steady climb upwards, reclaiming the $124 easily and surging well into the $130 range after consecutive winning days. It managed to reach as high as $132, now acting as temporary overhead resistance and $124 level acting as the closest support level. It was last found trading at the $131.75 range.
Nike has scheduled a quarterly earnings announcement today and if earnings expectations are surpassed, we could expect the price to move upwards, towards $140.
Today we can expect a move towards the $135 price level, another extension of the short-term trend.
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