Stocks

Nike may fall to 53.70 - 58.60

2024-07-15

Our pivot point is at 80.6.

Our preference

The downside prevails as long as 80.6 is resistance.

Alternative scenario

Above 80.6, look for 88.8 and 93.7.

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 negative and below its signal line. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 84.702 and 89.7764).

Supports and resistances

93.7 **

88.8 *

80.6 **

77.3

73.42 (USD-last)

63.4

58.6 **

53.7 *

48.9 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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