Today’s spotlight is on Nike, which has found a key support level around $70, marked with a blue line. This support has held firm so far, offering slight optimism for buyers. The recent bounce off this support indicates that the stock is attempting to recover and is now aiming for resistance at the black downtrend line.
A breakout above the black downtrend line—confirmed by a daily close above it—would trigger a buy signal. The price would likely target the next yellow horizontal resistance, which serves as a crucial barrier to long-term upside. If Nike can overcome this level, it would generate a strong long-term buy signal and signal renewed momentum for buyers.
However, caution is warranted. A break below the blue support would be extremely negative for Nike, confirming a sell signal and increasing the likelihood of further declines. For now, as long as the stock remains above the $70 support, the sentiment remains positive, with buyers looking for a breakout opportunity.