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Asset Watch
Tuesday, March 26, 2024
So, while bottom-up and top-down challenges remain, some key technical levels could determine whether it’s feast or famine for Nike.
Prior drawdowns saw the stock bounce near the 78.6% Fibonacci retracement level, and if the September 2023 lows near $89 fail to hold, the area around $86 may garner support.
Nike has confronted resistance near its 10-week MA over the last three weeks as rally attempts failed. Yet, the metric was a meaningful support level during the 2020 surge and a meaningful resistance level during the 2022 bear market.
If Nike can reclaim its 10-week MA, the outlook will flip bullish. If not, a retest of the September 2022 lows near $82 could offer an attractive entry point for long-term traders.
Will Nike emerge a winner, or are the bears about to take another victory lap?
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