Nike's Head and Shoulders!

This is a bit of a tricky one because the World Cup is just around the corner. You'd think investors would be optimistic at the prospect of Nike's exposure on the largest sporting event in the world. Looking at how the price has trended it might be that all of that optimism might've been priced-in already and it's the pull back in anticipation of the end of the event. That being said, whatever the reason there's looks to be a clear head and shoulders forming meaning there might be a pull back on the horizon.

The preliminary strategy for now, at least unil I can find more evidence over the weekend to the contrary, would be to short the stock and place the stop just above VWAP. Afterwards, I'm looking for evidence around the first indicated resistance level (royal blue) at $ 73.82 to cover the short. I'll do the same at the next resistance level (light blue) at $ 72.96 but by then there must more evidence to support the short but that's light years from now in trading time. But for now we'll rely on the evidence we have that is the MACD using the Ichimoku conversion line as the moving averages under analysis.

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