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Asset Watch
Tuesday, June 29, 2022
Well, a few key levels may provide the answer. While Nike closed below its May 25 lows, support from January, February, and June 2020 showcases multiple closes of $102 or higher. And although Nike’s stock has hit lower intraday lows twice since May 12, its RSI has recorded higher lows each time. As a result, the selling pressure has been less intense with each drawdown and may provide ammunition for another upswing.
If so, Nike may make a run for $116.60. The level marks the 50-day moving average and is also near the March lows of $116.75. On the other hand, further weakness places next-level support at $96.87, an area that coincides with the October 2019 highs and the June, July and August 2020 lows.
So, should we expect a rebound, or are Nike’s days numbered?
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