Nike may fall to 55.50 - 60.50

Our pivot point stands at 83.6.

Our preference

The downside prevails as long as 83.6 is resistance.

Alternative scenario

The upside breakout of 83.6 would call for 92.2 and 97.3.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 92.2695 and 92.6104). Finally, Nike has penetrated its lower daily Bollinger band (78.15).

Supports and resistances

97.3 **

92.2 *

83.6 **

80.3

76.04 (USD-last)

65.4

60.5 **

55.5 *

50.4 **

Number of asterisks represents the strength of support and resistance levels.