June 28 Chart of the Day UPDATE - 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. 

When we last featured Nike (NKE) back on March 22, 2024 price was at a decision trend line to make a choice of continue falling or not.  Since then price did fall and after yesterday's dismal earnings announcement price sunk 20% today dropping $27B in value and is at another decision trend line yet again.

The bears have been aggressive and may not let up anytime soon so today we'll take another look to see where the bulls could possibly step in.

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Weekly Chart 

 
On the weekly chart we can clearly see the rapid descent with price barely clinging to a long term trend line.

Trading at $74.85 earlier today price could continue its free fall should it not experience a relief bounce soon making it seem like the trend line held.  

Currently, price is seemingly acting as it's not even there...

Only time will tell for sure what price will do next...

We've layered in traditional support/resistance levels as well as an additional trend line 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?