Sorry for all the lines, but NKE has a lot of price levels to discuss. There was a key yellow support line providing NKE with strong support. This yellow trendline flipped from support into resistance, suppressing NKE’s price. At the same time NKE was building support at the green trendline around $88.62. NKE was trading near the yellow resistance line headed into the earnings announcement, and the poor earnings forecast led to a strong selloff. I have two white support levels to monitor here around $77 and $67.50. NKE is currently trading near the $77 support level and I think there is likely to be a rebound here. July is seasonally bullish so we could see some short-term upside for NKE. For those who got stopped out I think an entry around September makes more sense due to a bearish August and September seasonality. I think NKE will perform well long term, I like the idea of building a position.

NKE tends to rise over time, I think this is a nice dip in the big picture.

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