Nike (NKE) shares lost ground Friday morning after the sports equipment and apparel company reported quarterly results that 澳洲幸运5官方开奖结果体彩网:topped Wall Street’s estimates but provided an outlook that came in below expectations, as the company undergoes an ambitious strategy shift.

The company anticipates current quarter revenue to contract by low double digits from a year earlier. CEO Elliott Hill, who assumed the role in October, said on Nike's 澳洲幸运5官方开奖结果体彩网:earnings call late Thursday that the company plans to refocus on sports and selling more items at premium prices, but cautioned that the turnaround will take time and weigh on short-term results.

Nike shares have lost nearly 30% of their value since the start of the year amid intensifying competition in both domestic and international markets that has eroded its 澳洲幸运5官方开奖结果体彩网:market share. The stock was down slightly at $77 in midday trading Friday, after falling b🔥elow $75 ea💃rly in the session.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Nike’s 澳洲幸运5官方开奖结果体彩网:weekly chart to identify key post-earnings🅠 price lꦫevels investors may be watching.

Falling Wedge Pattern in Focus

Nike share have traded within a 15-month 澳洲幸运5官方开奖结果体彩网:falling wedge, a chart pattern consisting of two converging downward sloping trendlines that often precedes an upward breakout.

More recently, the stock has 澳洲幸运5官方开奖结果体彩网:consolidated just below the forma🧸tion’s upper trendline, sign♈aling indecision ahead of the company’s quarterly report.

Let’s take a closer look at Nike’s chart to identify major 澳洲幸运5官方开奖结果体彩网:support and resistance levels that may attract further attention.

Major Support Levels to Watch

Selling below current levels could see the shares fall to around $71, a location on the chart where they may encounter support near a 澳洲幸运5官方开奖结果体彩网:horizontal line that joins a range of similar price points on the chart between February 2018 🐓and July this year.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this important technical area opens the door for a drop to long-term support at the $65 level. Investors could seek bargain hunting opportunities in this region near a consolidation period that formed on the chart in late 2017 and early 2018, which also aligns with the opening prices of several 澳洲幸运5官方开奖结果体彩网:wide-ranging days that marked the March 2020 pandemic low.

Key Resistance Levels to Observe

A breakout above the falling wedge pattern’s upper trendline could propel a move to around $89. This area finds a 澳洲幸运5官方开奖结果体彩网:confluence of resistance from a multi-month trendline that connects multiple peaks and troughs🥀 on the chart fro🐲m March 2019 to September this year with the nearby 50-week moving average.

Further upside may see the shares rally to the $105 level. Investors who purchased the stock at lower prices may look for 澳洲幸运5官方开奖结果体彩网:exit points near a trendline that links the January and June 2020 peaks with a range of comparable 澳洲幸运5官方开奖结果体彩网:price action on th🥃e chart between May 2022 and February this year.

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