FXOpen
Yesterday, NKE's share price closed above USD 113, but trading today could open below USD 109 per Nike share.
The reason is in the weak report released by the company. Analysts note a drop in demand for products, which may mean a "wake-up call" for consumption in the US economy, squeezed by tight monetary policy.
According to finance professor Jeremy Siegel, "it's hard to see a lot of upside catalysts for the market in the second half of this year." The AI-driven rally is no guarantee that the US economy, which is made up of more than just tech companies, will not slip into recession.
The NKE stock chart shows that the price today will fluctuate around the lower border of the rising channel (shown in blue), which is valid in 2023. However, after a series of bounces seen in June, the bears may push through this support line to dominate the down channel (shown in red).
Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Weekly Market Wrap With Gary Thomson: Nasdaq, EUR/USD, USD/CHF, Brent Crude Oil, Googl Shares
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Nasdaq Composite: Worst Session
Analysis of AUD/USD: Exchange Rate Falls to Early May Low
As indicated by the 4-hour AUD/USD chart today:
→ the rate fell below 0.652, a level last seen on May 2;
→ the RSI indicator dropped below 15, a level last seen during the panic over the spread of COVID-19
Analysis of AMZN Stock: Price at 1.5-Month Low
As shown in the AMZN chart, the stock price dropped below:
→ the psychological level of $180;
→ the mid-June interim low.
The last time AMZN traded below $180 was in early June.
Thus, AMZN has faced sell-offs, similar to other tech