Nike has already been in a prolonged downtrend, but today’s 14% drop, closing at $55.58, added serious fuel to the fire — driven by tariff-related headlines and broader market pressure.
Despite the steep selloff, I’m not stepping in just yet. There’s still a lot of macro uncertainty, IMO, and with momentum and technicals working against it, I’m anticipating the possibility of additional downside.
I’ve mapped out a potential buy zone on the chart. First key support sits at $49.93, which marks the top of the zone. The lower band extends down to $35.90. It’s a wide range, but it aligns with a longer-term technical support area where I’d consider incremental, tiered buys for a long-term position.
For now, it’s on the watchlist — not the buy list. 👀
Despite the steep selloff, I’m not stepping in just yet. There’s still a lot of macro uncertainty, IMO, and with momentum and technicals working against it, I’m anticipating the possibility of additional downside.
I’ve mapped out a potential buy zone on the chart. First key support sits at $49.93, which marks the top of the zone. The lower band extends down to $35.90. It’s a wide range, but it aligns with a longer-term technical support area where I’d consider incremental, tiered buys for a long-term position.
For now, it’s on the watchlist — not the buy list. 👀
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.