Technical Analysis of Nike (NKE)
Looking at 
NKE’s stock on a monthly timeframe, we can clearly observe that it has been in a downtrend since November 2021, following the formation of a Double Top pattern, confirmed by the development of a Shooting Star candlestick.
The downward movement has currently paused at a support level (SUP) in the $70 area, where the stock has shown a reaction.
At the moment, the stock is trading near a crucial volume level, the Point of Control (POC). Above this level, up to $110, there are significant volumes that could make upward movement more challenging.
Bullish Scenario
For a bullish scenario, the stock needs to break above the current POC level and the descending trendline. The first target could be the resistance (RES 1) around $110.
If it successfully breaks through this resistance with strength, the second target could be the $130 area (RES 2), which has acted as both support and resistance in the past.
Bearish Scenario
However, if the stock lacks the momentum to break through the POC and the entire high-volume area up to RES 1, the downtrend could continue, with the next support (SUP1) located around the $50 area.
This analysis outlines both bullish and bearish scenarios for Nike's stock, offering a clear view of the key price levels to watch.
NKE’s stock on a monthly timeframe, we can clearly observe that it has been in a downtrend since November 2021, following the formation of a Double Top pattern, confirmed by the development of a Shooting Star candlestick.The downward movement has currently paused at a support level (SUP) in the $70 area, where the stock has shown a reaction.
At the moment, the stock is trading near a crucial volume level, the Point of Control (POC). Above this level, up to $110, there are significant volumes that could make upward movement more challenging.
Bullish Scenario
For a bullish scenario, the stock needs to break above the current POC level and the descending trendline. The first target could be the resistance (RES 1) around $110.
If it successfully breaks through this resistance with strength, the second target could be the $130 area (RES 2), which has acted as both support and resistance in the past.
Bearish Scenario
However, if the stock lacks the momentum to break through the POC and the entire high-volume area up to RES 1, the downtrend could continue, with the next support (SUP1) located around the $50 area.
This analysis outlines both bullish and bearish scenarios for Nike's stock, offering a clear view of the key price levels to watch.
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