Nike (NKE) - Monthly Chart Setup | High-Conviction Support Zone

📉 Nike (NKE) - Monthly Chart Setup | High-Conviction Support Zone

Nike has officially broken down into a major multi-year support zone last seen in 2017–2018. This area has previously acted as a strong base before the massive run-up to ATHs, and we’re now seeing price re-enter and potentially bottom out in this same zone.

🔍 Key Observations:

Price is currently hovering near the $55–$65 demand zone, marked by previous structural support.

Bullish wick shows demand kicking in after a breakdown.

Indicators are oversold:

RSI around 31, near bounce territory.

Stoch RSI crossed to the upside from deeply oversold.

MACD histogram still bearish, but early signs of momentum loss.

📌 Base Case: Expecting some sideways accumulation within this zone, followed by a potential breakout retest toward the $80–$90 range if momentum builds.

📥 I'm slowly accumulating here on a 2-week basis while price remains within this support region.

⛔️ Invalid if monthly closes under $50 with no demand reaction.