NKE Short

Nike (NKE) has seen a significant drop, over 20% in one week, due to poor earnings and declining demand for footwear. The stock closed with a high relative volume of 8, indicating heavy selling and buying activity involving both new and long-term investors. This trend is expected to continue, potentially leading to further declines in the stock price to the $70-$60 range. A volume profile analysis shows major dip buyers around $50, suggesting significant support at that level. The plan is to short the price earnings gap move with a stop loss at AVWAP and another position with a stop loss at the high of the day. Continuous additions on pullbacks into AVWAP during capitulation are recommended. This stock is a major watch for both long and short traders due to the big trade potential on the horizon.