Nike Fails at Potentially Key Level
Nike has lagged the broader market this year. Some traders may see an opportunity to push the downside, especially with weak quarterly results and slowing growth in China.
The first pattern on today’s chart is the 200-day simple moving average (SMA), which the footwear stock broke in mid-May. It tried and failed to reclaim it last month – a potential sign of the longer-term trend getting bearish.
In a similar vein, the 50-day SMA is nearing a potential “death cross” below the 200-day SMA.
Next, you have two sets of lower highs. One occurred between early February and early May. The other occurred in the second half of June. Such price action can be indicative of downtrends.
Third, last month’s high was below the $116 area where NKE bounced in mid-March. Has old support become new resistance?
The recent peak additionally brought stochastics to an overbought condition.
Next, the 8-day exponential moving average (EMA) recently crossed below the 21-day EMA. That may suggest the short-term trend is bearish.
Finally, traders may target a price level near the October low of $82.22.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the 200-day simple moving average (SMA), which the footwear stock broke in mid-May. It tried and failed to reclaim it last month – a potential sign of the longer-term trend getting bearish.
In a similar vein, the 50-day SMA is nearing a potential “death cross” below the 200-day SMA.
Next, you have two sets of lower highs. One occurred between early February and early May. The other occurred in the second half of June. Such price action can be indicative of downtrends.
Third, last month’s high was below the $116 area where NKE bounced in mid-March. Has old support become new resistance?
The recent peak additionally brought stochastics to an overbought condition.
Next, the 8-day exponential moving average (EMA) recently crossed below the 21-day EMA. That may suggest the short-term trend is bearish.
Finally, traders may target a price level near the October low of $82.22.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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