During the early afternoon last Thursday (6/24), several hours prior to the release of Nike's (NKE)'s quarterly earnings, Mike Paulenoff posted his chart analysis designed to answer the following question: Does the technical set up in NKE heading into earnings hint at a likely directional price reaction to the news?
Mike wrote: "From the look of my attached Big Picture WEEKLY Chart, the stock looks like it could be about to emerge from a 6-7 month high level bullish digestion period and pattern, into a new upleg that projects to new ATH's above 147.95... possibly in reaction to tonight's earnings report. A climb above key resistance at 138.00-139.40 will trigger projections in the vicinity of 150... If the near and intermediate term technical set up in NKE is hinting at a reaction to the earnings news, I am of the opinion that the reaction is likely to be to the upside."
NKE was trading at 133.56 at the time. After NKE reported stellar earnings that beat The Street's expectations across all metrics, the stock rocketed above Mike's projected next upside target of 150.00 to a post-earnings high of 154.83, or 15.9% above where NKE was trading at the time of Mike's alert.
What's next for NKE? Mike's chart on NKE (shown below) shows his preferred near-term price path, but the situation undoubtedly will be fluid and dynamic, which will require Mike to post frequent updates in the upcoming sessions evaluating developing risks and rewards implied by NKE's unfolding pattern.
NKE is the latest example of Mike informing MPTrader members about a potentially significant directional price move derived from decades of experience recognizing and interpreting technical set-ups in a particular stock, ETF, macro index, crypto currency, commodity, or precious metal.
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