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Nike Is on the Edge of a Steep Decline


Shares of Nike (NKE - Get Report) , along with just about everything else related to the consumer sector, were hit hard on Wednesday. Nike closed with a 3.7% loss on its heaviest trade in over six weeks.

This selloff pushed shares to new May lows and to the edge of an ugly breakdown. If the April low is clearly taken out, Nike investors should expect much lower entry levels to develop quickly.

Shortly after Nike's sharp upside reversal on April the stock began to struggle with its 200-day moving average. As the month wore on...