The sportswear giant Nike (NYSE: NKE) stock hits a fresh 52-week low of $95 on Tuesday. Nike shares have fallen more than 35% since the beginning of the year. The stock currently struggling to crawl back above the key level of $100.
Nike is one of the largest sportswear brands in the world. The company was initially founded as Blue Ribbon Sports and became Nike in 1971. $NKE a top-performing stock over the last 40-plus years since the company went public in December 1980 with an offering price of $22. However, the stock has been under pressure this whole year due to ongoing issues in the supply chain and lagging sales in China.
Nike is set to announce its last-quarter financial results on Thursday, September 29, after the markets close. The company is expected to post quarterly earnings of $0.92 per share and revenues are expected to be $12.28 billion.
Nike (NYSE: NKE) technical outlook
The stock remains bearish on the technical review. Looking at the $NKE from a very short-term perspective If the recent selling pressure continues the next strong support levels are to watch at $94 and $89. On the upper side, if the stock regains momentum and stays above $100 then the stock may eventually rise back to above $110/114.
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