Nike tries to regain footing - Analysis - 23-08-2017

Nike's stock (NKE) rose in the intraday levels, scoring a profit of 0.97% in the last session, or 0.52 points, as the stock tries to recover some past losses and vent off the oversold saturation in relative power indicators, countered by negative pressure from the 50-day SMA, while settling below the resistance of 54.77, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 49.01 to 60.53). 

Therefore we expect the stock to return lower, especially if the support of 53.41 was breached, targeting the next one at 51.73, which represents the ratio 78.6% of the same retracement levels.