Why Nike Is Off to the Races After Breaking up From This Pattern and What to Watch for Next

[claireokc]

Nike Inc was rallying almost 5 percent on Thursday with continued momentum from Wednesday’s price action, when the stock began to react to a bullish double bottom pattern. A double bottom pattern is a reversal indicator that shows a stock has dropped to a key support level, rebounded, back tested the level as support and is likely to rebound again. It’s possible the stock may retest the level as support again creating a triple bottom or even quadruple bottom pattern. The formation is always identified after a security has dropped in price and is at the bottom of a downtrend whereas a bearish double top pattern is always found in an uptrend. A spike in volume confirms the double bottom pattern was recognized and subsequent increasing volume may indicate the stock will reverse into an uptrend. ...

Source: https://www.theepochtimes.com/why-nike- ... 05187.html