NKE - cycle bottoming - consolidation stage

Now lets take a look at NKE. Weekly charts are suggesting both major and minor cycle bottoming out over the next 4 weeks. Last few cycles have bottomed in time so one may expect a timely bottom . Where we find support during this time will give us a fair idea about the next cycle expectations.

At this stage we see the following prevailing conditions:

1. $106 to 108.5 likely cycle resistance and Fib ext target zone

2. Lower support zone between $95 to 97 levels

3. $87-89 likely strong support as previous cycle peak/ support confluence zone

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