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The Nike stock (NYSE: NKE) hit a fresh record high at 147.93 on December 21st, but since then it has been on a sliding mode. However, the overall price structure continues to be of higher highs and higher lows above the uptrend line drawn from the low of March 23rd, and thus, we would consider the medium-term outlook to be positive.
Even if the stock continues to correct a bit lower, we would see decent chances for investors to jump back into the action from near the crossroads of the 125.50 level and the pre-mentioned upside support line. This way, we may see another test near the record high of 147.93, or even near the psychological territory of 150.00. If market participants do not stop there, a break above 150.00 would confirm a forthcoming higher high and may set the stage for advances towards the next round figure of 160.00.
Looking at our daily oscillators, we see that the RSI has turned up from above its 50 line, but the MACD, although positive, still lies below its trigger line. Both indicators detect upside momentum, but the fact that the MACD is still below its trigger supports the notion for some further declines before the next leg north.
In order to abandon the bullish case, at least in the short run, we would like to see a clear dip below 125.50. The price would already be below the aforementioned upside line and thus, we may experience declines towards the 118.60 zone, marked by the low of October 30th. A break lower could extend the fall towards the 111.50 barrier, marked by the low of September 21st, a break of which may allow a test near the 104.55 area. That area is defined as a support by the inside swing highs of June 3rd, 5th, and 8th.
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