Nike may fall to 55.20 - 60.20

Our pivot point is at 82.5.

Our preference

The downside prevails as long as 82.5 is resistance.

Alternative scenario

Above 82.5, look for 91 and 96.

Comment

The RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 91.2945 and 92.2314). Finally, Nike has penetrated its lower daily Bollinger band (75.32).

Supports and resistances

96 **

91 *

82.5 **

79.3

75.24 (USD-last)

65.1

60.2 **

55.2 *

50.2 **

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