Potential Bear Flag in Nike
Nike has been under pressure since late 2023, and now some traders may look for bearish momentum into year-end.
The first pattern on today's chart is the price area around $88.66. The athletic-apparel stock bottomed there in September 2023 and April 2024. It peaked in the same zone last month before dropping. Has old support become new resistance?
Second is the series of higher lows since August. NKE has been pushing against that trend line recently, which may create potential for a bear-flag breakdown. The 50-day simple moving average (SMA) is in roughly the same place.
Next, NKE gapped lower after its last quarterly report on October 1. Since then, it's been unable to fill the resulting space on its chart.
Finally, the stock is slipping back below its falling 100-day SMA. The 8-day exponential moving average (EMA) has also remained below the 21-day EMA. Those signals may reflect bearishness in the long and short terms.
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The first pattern on today's chart is the price area around $88.66. The athletic-apparel stock bottomed there in September 2023 and April 2024. It peaked in the same zone last month before dropping. Has old support become new resistance?
Second is the series of higher lows since August. NKE has been pushing against that trend line recently, which may create potential for a bear-flag breakdown. The 50-day simple moving average (SMA) is in roughly the same place.
Next, NKE gapped lower after its last quarterly report on October 1. Since then, it's been unable to fill the resulting space on its chart.
Finally, the stock is slipping back below its falling 100-day SMA. The 8-day exponential moving average (EMA) has also remained below the 21-day EMA. Those signals may reflect bearishness in the long and short terms.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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