Nike ($NKE) is down today? Here’s my take on it. – March 25, 2021
NKE
I have got just a quick trade for you on Nike ( NYSE: NKE ). Apparently, the US, Canada, and the not so United Kingdom and the European Union, they all got together and took issue with the fact that China uses slave labor in order to make Nike ( NYSE: NKE ).
Of course, China has a problem with being insulted because using slave labor is wrong, therefore you are not supposed to say that that’s actually what they do. China, we can’t insult the motherland. And so they are boycotting, right? They are not selling them over there, whatever the case may be. I don’t even know and don’t care.
What I know is, Nike ( NYSE: NKE ), on a very short-term basis, could give you a trade if the stock runs back above 120.00. It’s broken support here, so it really does need to get back above 120.00 in order to get back into the next range. This should only be a short-term trade.
If you want to look at the weekly chart you can see that it’s in an uptrend, no question about it but this is not a smooth stock. It is actually a very choppy stock to be trading, but if you are a long-term holder, fine, that is just not what I do in these videos. I am just talking about the short-term trades. And frankly, for a lot of stocks, I am just not really seeing much today, other than what’s already happened.
So you can check Nike ( NYSE: NKE ) out; keep a stop just a little bit below this level, I wouldn’t even wait for the 200-day moving average. I would just say if the stock gets down to say 125.40, that is just 4 pennies below where the low was today, then you are going to want to sell this stock. I don’t think that is going to happen; just know that if you are buying this stock, well then, you are against slavery. I want to go out and buy a pair of Air Jordans right now, in fact, goodbye.
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