Bearish setup - if NKE continues to break down the first level of support is at 88.66 which is the September 2023. Interesting, flow indicates traders bought short-term and medium-term $90, $91, and $92 puts. The next major level is October 2022 lows at 82.50. Indeed, flow indicates that $168,265 worth of October 2024 puts were bought on April 10th, 2024.
Bullish setup - if NKE can reclaim the rising white trendline and base above it this would be bullish and signal a false breakdown. If this occurs, the primary target is gap fill of the March 2024 earnings gap down at ~$100.79. Indeed, on Friday April 12th, a trader sold at bid $1.31M worth of April 19th, 2024 puts. Another trader bought $61,500 worth of September 100 calls. Weekly RSI and Williams %R are extremely oversold suggesting