{"id":3563,"date":"2024-07-17T12:00:00","date_gmt":"2024-07-17T12:00:00","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=3563"},"modified":"2025-05-14T12:55:49","modified_gmt":"2025-05-14T12:55:49","slug":"nike-july-17-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/nike-july-17-2024\/","title":{"rendered":"Nike Stock Entering Buy Zone, Oversold on Weekly RSI"},"content":{"rendered":"\n
Nike is currently descending rapidly, forming a huge red weekly candle on the beginning of July, creating a -22% drop. While this collapse has been bloody, it\u2019s also an opportunity for investors and traders alike to settle into a buy position.<\/p>\n\n\n\n
To get a clear picture of our key levels, let\u2019s zoom out to the 1W chart on Nike.<\/p>\n\n\n\n
Technical Analysis of NKE (July 17th, 2024)<\/h2>\n\n\n\n<\/figure>\n\n\n\n
As you can see, the NKE stock price has broken a weekly rising trendline and was rejected from a retest at $97.30, forming a large weekly red candle.<\/p>\n\n\n\n
However, it’s important to note that Nike has now entered the oversold territory on the weekly RSI. This doesn\u2019t necessarily mean you should immediately enter a buy position, especially with a leveraged CFD trade, but it does create favorable conditions for considering a swing long.<\/p>\n\n\n\n
As Baron Rothschild famously said, \u201cThe time to buy is when there’s blood in the streets.”<\/p>\n\n\n\n
We should focus on three key points of consolidation for potential buy opportunities:<\/strong><\/p>\n\n\n\n
1. The consolidation range between $64.00 \u2013 $69.00. <\/p>\n\n\n\n
2. The point of control (highest volume node) at $55.39, formed since 2015. <\/p>\n\n\n\n
3. The range low from 2015 \u2013 2018 at approximately $50.00 \u2013 $52.00.<\/p>\n\n\n\n
The first area, $64.00 \u2013 $69.00, is arguably the least significant but served as a launching point in 2020 during Covid, leading to a parabolic run in Nike’s price.<\/p>\n\n\n\n
The second area, $55.39, is the most critical. This Point of Control represents the price level with the highest trading volume since 2015.<\/p>\n\n\n\n
Finally, if the Nike stock price revisits $50 – $52, remember that this level was a reliable support area for four years between 2015 and 2018. Given that the Federal Reserve is considering a rate cut, it is unlikely that the price would fall below this level.<\/p>\n\n\n\n
You may also be interested in:<\/strong><\/p>\n\n\n\n
![\"\"](\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/nike-ta-july-17-2024-1024x694.jpg\")
<\/figure>\n\n\n\n