I'm not a stock trader but when I see a stock at an overbought or oversold price, I just can't resist the temptation to analyze and if possible, catch some few pips in.
Nike has been on a solid downtrend since December of last year, 2021, we are currently seeing prize at a major support level which was tested in May 2020, we may see two things happen at this juncture; we may see a bearish continuation if our level of support is broken, the market may continue downward to point X(65.43) before an upward reversal or it may also sell further till point Y(49.99) which would bee a good price for buyers of this stock., nonetheless, we may see the market continue upward if it breaks the 99 dollars price level till at least point T(129.81).
NB: You may want to start looking for buy signals on the hourly timeframes at current support or signs of a break below structure.
Nike has been on a solid downtrend since December of last year, 2021, we are currently seeing prize at a major support level which was tested in May 2020, we may see two things happen at this juncture; we may see a bearish continuation if our level of support is broken, the market may continue downward to point X(65.43) before an upward reversal or it may also sell further till point Y(49.99) which would bee a good price for buyers of this stock., nonetheless, we may see the market continue upward if it breaks the 99 dollars price level till at least point T(129.81).
NB: You may want to start looking for buy signals on the hourly timeframes at current support or signs of a break below structure.