Nike returns lower - Analysis - 09-06-2023

Nike's stock (NKE) returned lower in the intraday levels, amid the dominance of the downward correctional short-term trend, with negative pressure from the 50-day SMA, marking a loss of 0.83% in the last session, or 89 cents, and settling at 106.20, while the RSI reached overbought levels compared to the stock's movements, hinting at negative divergence.

Therefore we expect more losses for the stock, targeting the support of 101.70, provided it settles below the resistance of 109.30.

Expected trend for today: Bearish