Nike shares may be forming a triple bottom. How to bet on a comeback using options

Nike has underperformed the market and its sector since mid-2021, but recently growth expectations from analysts have bottomed. With China’s growth showing signs of a rebound and valuation near its historical low, it could be time for a comeback. We’ll discuss how to set up an options trade to bet on a turnaround. Nike (NKE) has formed a triple bottom at the $90 support level over the past 3 years and recently it just bounced higher off this support. With a gap above at $100, our short-term upside target would be to fill that gap and $105 resistance level above…