DailyPlay – Opening Trade (NKE) – June 5, 2024

NKE Bullish Opening Trade Signal

Investment Rationale

With NKE poised to break out above its $95 resistance level and head toward our $100 gap-fill target, let’s take this opportunity to add another 2% of our portfolio’s value to this trade.

NKE – Daily

Trade Details

Strategy Details

Strategy: Long Call Vertical Spread

Direction: Bullish Debit Spread

Details: Buy to Open 7 Contracts June 21st $92.50/$100 Call Vertical Spreads @ $2.99 Debit per Contract.

Total Risk: This trade has a max risk of $2,093 (7 Contracts x $299) based on a hypothetical $100,000 portfolio risking 2%. We suggest using 2% of your portfolio value and divide it by $299 to select the # contracts for your portfolio.

Trend Continuation Signal: This is a bullish trade on a stock that recently turned from neutral to bullish.

1M/6M Trends: Bullish/Neutral

Relative Strength: 2/10

OptionsPlay Score: 102

Stop Loss: @ $1.50 Credit. (50% loss of premium paid)

View NKE Trade

Entering the Trade

Use the following details to enter the trade on your trading platform. Please note that whenever there is a multi-leg option strategy, it should be entered as a single trade. 

Please note that these prices are based on Tuesday’s closing prices. Should the underlying move significantly during the pre-market hours, we will likely adjust the strikes and prices to reflect a more accurate trade entry. 

View NKE Trade