Nike Weekly Review:
For the past three months, the value per share of this multinational Corporation has rose tremendously but is currently finding it a challenge to close above the resistance zone 65.45-62.75. We expect a possible rebound from this zone to pick a short position with an ultimate target at 51.80. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should not close below the end of the first corrective wave (a). This downward rally is highly anticipated since the previous month's candle is a long tailed bar and signals a possible increase of sellers in this market. That said, we expect a short position during this month and is even during the next few months.
Sell Nike shares now and rebuy again around 51.80.
GenMotors Weekly Review:
For almost three months now, the shares of GenMotors Company has declined in value but is currently rallying around a key weekly support zone 40.85-40.61. We expect a possible rise in value of this share as long as the price is above this zone. We expect this zone to have marked the end of the corrective wave (4), that any significant move to the upper side will be the unfolding of the impulsive (5) to the upper side and should breakout above 46.60 with an ultimate target at 48.00. A break above this level will push the price further upwards towards 50.00. This view can only be invalidated in case the price break below 40.61, this being the case, we expect a sharp drop towards 37.60.
Buy Genmotors shares now.
Bitcoin Weekly Review
Even with the long tailed bar seen a fortnight ago, Bitcoin rallied high but ended up closing just a few pips below its opening price. Last week's candle is a similar but bearish tailed bar. With this weekly candle, I expect a drop in price with my target at 9087.00 and the next target at 3955.50. If these targets are violated then Bitcoin could drop further to somewhere below 1000.00 or even lower. On the weekly chart above, we are only interested in short positions, and if price should go below 11170.00, then this will be a confirmation that this cryptocurrency will continue to fall. At the moment, we're only short towards 9087.00.
Sell Bitcoin now