Nike Multi-Timeframe View

$NKE

Was taking a look at NKE 0.00%↑ for a possible bounce trade up to the 200 day moving average, after it broke AVWAP from June’s sizable earnings driven gap down -

This may work, and risk managed against the AVWAP is the route I’d go. But a look at the monthly chart is a bit more ominous -

This chart looks like the precursor to a potential massive multi-year top in NKE 0.00%↑ . It will need to defend this $70 range vigorously, as a breakdown would open up potential for a revisit to the $50 range.

Being mindful of timeframes is always helpful in contextualizing the type of trade to enter.