Nike (NKE) shares moved sharply lower in extended trading on Tuesday after the apparel and equipment giant 澳洲幸运5开奖号码历史查询:withdrew its full-year outlook and said it plans to postpone its upcoming investor day ahead of the company’s transition to a new CEO later this month.

In September, the sneaker maker announced that former senior executive 澳洲幸运5开奖号码历史查询:Elliott Hill would take the helm, replacing John Donahoe as CEO, as the company navigates a strategy reset in an ongoing effort to revive sales, rebuild wholesale partnerships, and 🔥improve branding. Since Hill's appointment on Sept. 19, Nike shares have gained around 10% through Tuesday's close, though they trade nearly 18% lower year to date.

Nike sha꧅res fell 5.9% to $83.85 in after-hours trading Tuesday.

Below, we review the 澳洲幸运5开奖号码历史查询:technicals on Nike’s weekly chart🐈 and identify important post-earnings pr𝔍ice levels to watch.

Shares Trade Within Falling Wedge Pattern

Since topping out in November 2021, Nike shares have oscillated within a 澳洲幸运5开奖号码历史查询:falling wedge, a classic chart pattern that consists of converging downward sloping trendlines and indicates a bullish reversal upon a breakout.

More recently, the stock has rallied more than 25% from the wedge's lower trendline, though Wednesday’s projected earnings-driven selling threatens to derail the recent bullish 澳洲幸运5开奖号码历史查询:price momentum.

Amid the potential for post-earnings 澳洲幸运5开奖号码历史查询:volatility, investors should eye several price-sensitive levels on Nike’s 🧸chart likely to attract interest.

Key Lower Chart Levels in Focus

During Wednesday’s expected selling, investors should initially monitor how the price reacts to the $85 level, a location where the shares could draw support from a trendline linking multiple 澳洲幸运5开奖号码历史查询:peaks and troughs on the chart from September 2018 to Augu💜stꩵ this year.

A fall below this level could see a 澳洲幸运5开奖号码历史查询:retracement to around $79, where the stock would likely enc🍬ounter buying interest from a range of sim༺ilar trading levels on the chart connected by a multi-year trendline stretching all the way back to June 2018.

Important Higher Chart Levels to Watch

If Nike shares resume their recent push higher, investors should keep an eye on the $96 region, currently positioned just above the 50-week moving average. Buyers who have purchased shares at lower levels could look to book profits near a June 澳洲幸运5开奖号码历史查询:countertrend high, which also corresponds with comparable price le𒁏vels on the chart extending back to October 2019.

Further buying could propel a move up to $104, an area where the shares may run into overhead 澳洲幸运5开奖号码历史查询:resistance near the falling wedge pattern’s top trendline and other 澳洲幸运5开奖号码历史查询:price action around the same level dat😼ing back to January 2020.

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