Nike - Nike shares are down 3% on the day, a big rejection along its 200-day moving average

A big rejection here for Nike along its 200-day moving average. Down more than 3% on the day and its shares currently trading at around $102.85 a share. The support now here sits at $99.15, a break below this level would then increase the likelihood of a sell-off lower towards $95.31 and then maybe even the area of $88-$90. Furthermore, a break below the area of $88-$90 could lead to the share price sliding as low as the lows of 2022. But it is way too early to even consider such a decline as Nike is a big and profitable company. It would be unreliable to point out any resistance levels until there are signs of consolidation, but the aim here for Nike would be to overcome its 200MA resistance as a starting point to some recovery. Looking at the technical indicators, the MACD did turn positive but it remains below the zero line, which can also suggest that the bearish momentum is overpowering. The RSI is now negative as it reads 44.