February 11 Chart of the Day - Nike
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Nike’s (NKE) recent “So Win” Super Bowl ad may have gone viral, but its stock price is anything but a winner.
After 18 months of relentless selling pressure, the stock still appears to be searching for a bottom. A persistent pattern of lower highs and lower lows raises the question—how much further could it drop?
The simple truth? As low as the market decides…
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Monthly Chart
On the monthly chart we can see that after setting its $179.10 all time high (ATH) back in 2021 price has fallen dramatically with wild volatile swings but for all intents and purposes is in search of a bottom.
Price potentially may want to visit a very long term support level in the $60 area.
This type of volatile up/down price action can be really tough on the buy and hold investors but at the same time can be a traders haven!
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the continued selling pressure during the past few of years.
Trading around $71.30 earlier today price may take a breather in this price area before deciding to either move back to the upside or continue with the selling pressure. While this is not the last chance for the bulls to step in they seemingly are running out of room from a technical standpoint.
We can see a potential zone of interest sitting roughly between $50 and $60.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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