Nike may fall to 54.90 - 59.90

Our pivot point stands at 85.9.

Our preference

The downside prevails as long as 85.9 is resistance.

Alternative scenario

The upside breakout of 85.9 would call for 94.6 and 99.8.

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 stock is trading under both its 20 and 50 day moving average (respectively at 94.0985 and 93.3584). Finally, Nike has penetrated its lower daily Bollinger band (85.02).

Supports and resistances

99.8 **

94.6 *

85.9 **

82.4

75.37 (USD-last)

64.7

59.9 **

54.9 *

50 **

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