Before this week's downside price gap, it's worth noting that Nike was testing a major resistance level into last week.
To add to this "confluence of resistance," we can also see the 200-day moving average looming large, currently sitting just above $91.
The weekly chart can provide some additional context as to what the recent upswing means relative to the long-term trend for Nike.
The long-term trend has been decidedly negative for NKE, with price remaining below the 150-week moving average since Q2 2022.
Nike also sits below a downward-sloping 40-week moving average, which is essentially the same as the 200-day moving average on the daily chart.
Persons:
downtrend, NKE, David Keller
Organizations:
Nike Inc, Nike, CMT, CNBC, NBC UNIVERSAL