Nikes stock price (NKE) declined in the intraday levels amid the dominance of the main downward trend in the medium term, while trading alongside the secondary trend line in the short term.

The stock is facing negative pressure by trading below the 50-day SMA, with negative signals from the RSI despite reaching oversold levels, as the stock thus prepares to pierce the pivotal support of $88.66.

Therefore we expect more losses for the stock, especially if the support of $88.66 was firmly breached, thus targeting the next one at $79.25.

Trend forecast: Bearish