Nike relinquishes gains - Analysis - 12-10-2018

Nike's stock hit an intraday high at 77.07, bouncing off it lower and turning the gains into losses before the close, while hurt by piercing the main upward trend line recently in the short term, recording another loss of 0.57% in the last session, or 0.43 points, with negative pressure from the 50-day SMA, while the RSI reached oversold levels. 

Therefore we expect more losses for the stock, targeting the support of 69.81, as long as the resistance of 79.00 holds on. 

Expected trend for today: Bearish