Nike shed around 11% yesterday after it cut its sales forecast due to caution on consumer spending

Taking a look at Nike after its heavy fall in yesterday’s session. The stock shed around 11% of its value after the sportswear giant reported its earnings and cut its annual sales forecast. Nike warned of a ‘softer’ second-half revenue forecast due to caution on consumer spending. Looking at the chart, the share price has now fallen below the supportive trendline of the triangle, which was reading $112.61. The next key support for investors here is now the level of $103.71, a break below it would add to the now bearish bias in the short term. At this moment in time, it would be unreliable to look towards any resistance level unless there are signs of consolidation around current levels. If we look at the technical indicators, we can see that the MACD is still positive but it has faltered slightly. However, the RSI is now neutral as it reads 50 and is on a decline.