- Nike Stock Price (NYSE: NKE) corrected 14% approx after testing the 52 week high.
- NKE Stock Price facing rejection from the 50 day EMA.
- Nike Inc scheduled the quarterly earnings on June 29, 2023.
Nike Stock Price (NYSE: NKE) corrected 14% approx after hitting the 52 week high at $131.31. It displayed a death crossover and sellers tried to pull the prices down below the $100.00 support.
Well, the NKE Stock succeeded to defend the $100 and showed a minor pull back from the lower levels. It indicates that buyers are still active and downside risk is limited.
From the beginning of January to the end of April, Nike Stock Price consolidated in the range between $115.00 to $130.00. It tried multiple times to break the higher range and created a hope range expansion.
But, sadly due to the strong presence of sellers NKE prices faced rejection and reverted in the opposite direction.
Nike Price is struggling to push the price above the 50 day EMA indicates the short term trend is in downward direction. Well, the 200 day EMA is sloping sideways denotes prices are lacking direction and might spend time in consolidation.
Nike Stock Price (NYSE: NKE) closed the previous session at $109.52 with an intraday decline of -0.85%. The market capitalization of the company stands at $168.33 Billion.
Nike Stock: Quarterly Earnings might impact the direction
Nike Stock Price has not performed well in the past few months and traded with a bearish bias. The correction seems to be getting halted near $103.00 and buyers are trying their best to rebound.
Quarterly Earnings of Nike Inc is scheduled on June 29, 2023. Market analysts estimated an EPS of $0.678 and Revenue of $12.583 Billion. If Nike Ince able to meet the estimates then a sharp up-move toward $115.00 is possible.
The NKE Price will get positive momentum only after breaking out of the $115.00 hurdle level. Whereas, if it missed the estimates then $103.00 support level will be at risk.
The technical analysis suggests, Nike Stock Price at crucial level and sharp up-move or down-move after earnings is possible. Earnings will decide the next direction of the stock.
NKE Stock failed to give follow up momentum
NKE Stock Price formed a bullish engulfing candle in the previous week but buyers failed to give the follow up momentum. It shows that bears are highly active in the supply zone.
The signs of bullish trend reversal will be visible when buyers are able to climb above both the EMA. The MACD curve rising upward and histogram bars are also green indicating mild bullishness.
The RSI at 45 sloping sideways denotes neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
Nike Stock Price (NYSE: NKE) corrected 14% from the 52 week high ahead of Quarterly Earnings.
The NKE Stock is mildly bearish but if the company succeeds to meet the analyst estimates then a sharp up-move is possible. However, if Nike Inc missed estimates then prices may react negatively.
Technical levels
Resistance levels: $115.00 and $131.00
Support levels: $103.00 and $96.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.