Nike Inc was rallying almost 5 percent on Thursday with continued momentum from Wednesday’s price action, when the stock began to react to a bullish double bottom pattern.
A double bottom pattern is a reversal indicator that shows a stock has dropped to a key support level, rebounded, back tested the level as support and is likely to rebound again. It’s possible the stock may retest the level as support again creating a triple bottom or even quadruple bottom pattern.
