NKE & ADDYY Analysis
This week we will be be looking at two of the big apparel and fitness companies NKE and ADDYY from a purely technical standpoint. At APA Zones we care about what price alone is telling us.
On Nike this week, I’m expect Nice to retest the lows at $50.70 as it looks like Nike is now in a new downtrend. The real question in my mind is will $54.42 hold? I believe it won’t because it broke the previous to low pivots at 51.61 and at 53.74. Overall, I think that price has started a new downtrend and 54.43 supply zone was a great selling opportunity.
On Adidas this week, price has failed to break the high of $101.99 and is now come back down the the bottom of the range in the daily demand zone at $94.30 down to $92.97. In my mind, price is in a range. We need to see if price will hold at the daily demand zone or not. If not thing I think price cold easily go down to 85.91. This is a long term perspective and as for this week I’m just looking for price to move into the daily demand zone and consolidate down there
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