Nike $NKE has been very bullish since October, when price bounced off a common support around the share price of $50.75. NKE Daily Chart(click to enlarge)Breakout?- Note that NKE has been in correction/consolidation mode since 2016 after price high a high of $68.40.- However, price broke above a falling trendline in early 2017 and price action became sideways with a range between roughly 50 and 60. - Price in late 2017 broke above this range, opening up the bullish continuation scenario, or at least a re-test of the $68.40 high.- Given that price action was bullish heading into 2016 (before the current consolidation), I would say that if price can make it to $68.40, it should be able to break higher to at least test $70.00. Support:- Now evidence for this bullish outlook will come from confirmation of support at $60.00. We already saw some buying here at the end of 2017. - But price is retreating from $65.25 again, and there is a bearish engulfing candle. Therefore, I expect price to come down and retest this $60.00 as support.- Now, if 60 does not hold, that does not mean NKE is bearish.- Another critical support area is 56-57. A break below this area would convince me NKE has turned back to a bearish mode.