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Stock Of The Day: Nike Support Level Due To Important Market Principle
NKENIKE(NKE) Benzinga·2024-10-01 14:05

Market Psychology and Price Levels - The 88.50levelisasignificantpricepointforNikeInc(NKE)duetoinvestorandtraderpsychology,particularlyinvolvingremorsefulsellers[1][2]−Remorsefulsellerswhopreviouslysoldatthe88.50 level is a significant price point for Nike Inc (NKE) due to investor and trader psychology, particularly involving remorseful sellers [1][2] - Remorseful sellers who previously sold at the 88.50 support level later repurchased shares at the same price, creating a concentration of buy orders that reinforced the support level [2][3] - In July, the 88.50supportlevelwasbroken,butthestocklaterreversedandralliedbacktothislevel,whichthenactedasresistanceduetobuyers′remorse[3]Nike′sPriceAction−InSeptember2023,88.50 support level was broken, but the stock later reversed and rallied back to this level, which then acted as resistance due to buyers' remorse [3] Nike's Price Action - In September 2023, 88.50 served as a support level for Nike, though the reason for its importance was unclear [1] - The same 88.50levelalsoactedassupportinApril,drivenbythemarketprincipleofremorsefulsellersrepurchasingshares[1][3]−Thetransitionof88.50 level also acted as support in April, driven by the market principle of remorseful sellers repurchasing shares [1][3] - The transition of 88.50 from support to resistance highlights the dynamic nature of key price levels in financial markets [3]