Most traders are looking at Micron into earnings. But don't count out Nike
(See the video above for Jay’s complete chart breakdown.) Micron comes into earnings up 270% year-to-date, but it has been consolidating in a neutral — albeit wide — range since May. Earnings have been phenomenal, but we saw things top out last quarter after their best report ever with a solid beat and raise. What will it need to do to break out? The risk/reward not ideal ahead of earnings after the bell Wednesday, but the bulls look to be back in charge. Momentum indicators are mixed… the MACD is trending higher. For near-term support we are looking at the 50-day moving average and recent AVWAP level (anchored volume weighted average price) that coincide with the all-time-high and summer lows. The $930-$960 range should find support on a dip. Its that ceiling we want to watch… those old highs around $1250. MU YTD mountain Micron, YTD Any good news and positive reaction should take the stock back to test levels. That’s a nice upside of roughly 15%. The big question is can earnings propel the stock even higher? On a breakout, look for shares to target the $1500 area. Nike set-up Nike , which reports Thursday after the bell, is the technical analyst’s picture of a downtrend. Shares have consistently made a series of higher lows and lower lows going back to their peak in 2021. Shares are lower by about 43% so far in 2026 as investors continually wait for that turnaround to begin. But entering this quarter’s earnings we see solid risk/reward set-ups we want to highlight. There has been a near-term bullish divergence in momentum in the stock’s RSI and the stochastic has given as a near-term signal. The $35 level has become the most recent support level. We want to see that hold. Rallies should get the stock back into its longer-term downward trending channel. Those rallies to the 50-day moving average ($39.39) and the declining AVWAP from its gap after an earnings miss six months ago ($41.76) are achievable upside targets. NKE YTD mountain Nike, YTD While the stock may not be ready to give investors an “all clear” that a turnaround is here to stay, the current environment looks healthy for a trade where the rewards outweigh the risks going into results and a profitable relief rally is there to be had. (See the video above for Jay’s complete chart breakdown.) DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
