A very red day for Nike stock price after a -19.98% fall in the Friday trading session

The Nike stock price fell by -19.98% on the last day (Friday, 28th Jun 2024) from $94.19 to $75.37. During the last trading day the stock fluctuated 6.03% from a day low at $74.56 to a day high of $79.05. The price has fallen in 6 of the last 10 days and is down by -19.97% for this period. Volume has increased on the last day by 109 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 123 million shares were bought and sold for approximately $9.30 billion.

On Jun 28, 2024, it was reported that KGI Securities gave NKE a "Hold" grade with a "downgrade" action.

The stock has broken the weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $90.79. A reaction back to this level may hold a second chance to get out before further falls.

There are few to no technical positive signals at the moment. The Nike stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $92.61 and $93.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -22.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.49 between high and low, or 6.03%. For the last week the stock has had daily average volatility of 2.73%.

Nike is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

The Nike stock holds several negative signals and despite the positive trend, we believe Nike will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.