The Long Investor

$ONON - RC -

Added 2024-01-06 19:16:35 +0000 UTC

When $NKE pulled back for its Wave 2, it dropped very aggressively on a revised down guidance of sales for 2024, with a 1% growth expected for the year.....immediately $NKE decided to lay off employees and positioned themselves to weather this growth decline. $ONON felt this impact too and the price dropped below the 200 Day MA and has not been able to make an attempt to recapture the 200 Day MA. The price has also dipped below the 50 Day MA now too.

The impulse structure is still in place but it needs to hold the blue line at $25, any failure to hold this line then $ONON is looking at potentially making a lower low below $23.71.