Nike parks at pivotal support - Analysis - 11-12-2018

Nike's stock kept falling in the intraday levels, thus leaning on the pivotal support of 72.41, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 50.35 to 86.04), recording a final loss of 1.13%, or 0.83 points, amid negative pressure from the 50-day SMA, coupled with negative signals from the RSI. 

Therefore we expect more losses for the stock, especially if the support of 72.41 was breached, targeting the next one at 68.20, which represents the ratio 50% of the same retracement levels. 

Expected trend for today: Bearish