To The Moon

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First of the week! Let’s review a few names:

Nike, Inc. (NYSE: NKE)

NKE is consolidating in a large descending channel (in red). A closer look on the daily shows a smaller descending channel in (yellow) that just rejected off its channel resistance several weeks ago.

If NKE loses the 59.71 level, it could see a much deeper slide back into the 45.35 yearly and half-yearly imbalance, alongside the 44.74 Fib level.

The key for a reversal on NKE is to reclaim the 68-70 resistance while breaking out of its near-term yellow descending channel. Otherwise, further controlled selling to the downside could be more likely.

Visa Inc. (NYSE: V)

V is trading in a long-term ascending channel (in green). It rejected off the channel resistance in the middle of last year and has since been consolidating in a shorter-term descending channel pattern.

Currently, the channel is at a very pivotal point - V is trading just above the monthly support set at 321.62. Should this level break, it'll bring the channel along with it and V likely sees a deeper correction back into the 291-304 multi-imbalance area. 293-299 appears to be a very significant area due to the confluence of the quarterly, half-yearly and yearly imbalances.

However, if V holds 321.62 and breaks out of the descending channel, it should see a move back into ATHs and eventually the 1.618 Fib extension at 402.36.

Merck & Company, Inc. (NYSE: MRK)

MRK is currently trading in a broadening pattern. It rejected off the 2022 prior ATH of 112.89 at the start of the year and pulled back into the half-yearly level at 109.16.

A closer look at recent price action shows a descending channel consolidation pattern (in red). A breakout here could see it challenge the 112.89 level once more - once this level turns into support it can finally start to fill the quarterly and monthly imbalances in the 115-121 area.

However, if MRK breaks down below 109.16 and below this channel, then it can the 102-103 half-yearly support area once more.

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$Nike(NKE)$ $Visa(V)$ $Merck(MRK)$ $Alphabet(GOOG)$ $Tesla Motors(TSLA)$