Nike climbs within negative zone - Analysis - 06-10-2021

Nike's stock (NKE) rose in the intraday levels amid positive signals from the RSI, amid attempts to recoup some recent short-term losses, while trading below the resistance of 153.00, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave (from 118.77 to 174.27), amid negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 140.00, representing the ratio 61.8% of the same retracement levels, provided the resistance of 153.00 holds on.

Expected trend for today: Bearish