Sporting goods retailer Dick's Sporting Goods (NYSE:DKS) took a hit Tuesday, plunging by more than 20 percent. The catalyst for the decline is simply a lackluster earnings report that was released before the U.S. open. Traders should note that the next major technical support level for DKS will be around $22.60, a chart price point that is going to be the major retrace level where institutional traders should defend the stock. Unfortunately for DKS, this support level is still another $5 lower than its current share price, which is $28.84.
