When we look at Nike's (NYSE:NKE) chart, we can see that it has been in a downward trend for the past few days, having a strong support level at around $160.5.
Nike will announce quarterly earnings today, and if the market's anticipation is positive, then we could expect its price to rise towards its first resistance level around $165-165.30.
Otherwise, it could break down and head towards its next support at around $152.7-155.