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Technical Update - Nike doesn't do it anymore. Further sell-off likely
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- The bearish breakout from its already falling trading channel suggests Nike's stock may face further downward pressure. Short-term downwards potential to around 88, medium-term to 82
Nike Inc. (NKE) saw an acceleration in its downtrend on Friday, marked by a 7% gap down resulting in a bearish breakout from the falling channel pattern it had been trading within since December, illustrating an intensification of the downtrend.
The Friday close below the upper boundary of the body gap signifies that the stock may face continued selling pressure.
The RSI indicator is reflecting negative sentiment, which aligns with and supports the bearish price action observed. Currently, there appears to be a lack of immediate support levels for NKE, with the next support zone located at the September 2023 trough, between approximately 89.63 and 88.66.
Medium-to longer term - weekly chart:
A daily close below the September trough at 88.66 could lead to further selling down to around 82.22 levels not seen since Ocotober 2022
Weekly RSI is currently below 40 threshold supporting the bearish picture
To demolish this bearish picture a close above 97.63 is needed. But to establish an uptrend a close above 102.50 is necessary