Nike touches SMA resistance – Analysis – 25-05-2021

Nike’s stock (NKE) rose 1.06% in the last session while venting off oversold saturation in the RSI, settling thereafter at 134.06 and touching the resistance of the 50-day SMA, amid the dominance of the downward correctional trend in the short term. 

Therefore we expect the stock to return lower, targeting the first support at 130.20, provided the resistance of 136.25 holds on.

Expected trend for today: Bearish