Stock Of The Day: Nike Support Level Due To Important Market Principle
Portfolio Pulse from Mark Putrino
Nike's stock has a significant price level at $88.50, which has acted as both support and resistance due to market psychology and trader behavior. This level is crucial for traders as it reflects remorseful sellers and buyers' remorse, impacting trading decisions.
October 01, 2024 | 2:05 pm
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NEUTRAL IMPACT
Nike's stock price is influenced by the $88.50 level, which has shifted from support to resistance. This change is driven by market psychology, where remorseful sellers and buyers' remorse play a role in trading behavior.
The $88.50 level for Nike has been a significant price point, acting as support in the past and now as resistance. This shift is due to market psychology, where traders who previously sold at this level may now place buy orders, and those who bought may place sell orders. This creates a concentration of orders at this price, impacting short-term price movements.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100