Stock Of The Day: Here's Why The Nike Rally Stalled Out
Portfolio Pulse from Mark Putrino
Nike's stock rally has stalled at the $88.50 resistance level, a former support level from April. This resistance is due to regretful buyers who bought at previous support levels and are now selling at breakeven. The stock's movement is influenced by trader psychology, with similar patterns observed at the $97.50 level.
September 20, 2024 | 4:27 pm
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Nike's stock rally has stalled at the $88.50 resistance level, a former support level from April. This resistance is due to regretful buyers who bought at previous support levels and are now selling at breakeven. The stock's movement is influenced by trader psychology, with similar patterns observed at the $97.50 level.
Nike's stock is facing resistance at $88.50 due to previous buyers selling at breakeven, a common psychological pattern in trading. This resistance is likely to keep the stock from moving higher in the short term, resulting in a neutral impact on the stock price.
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