Nike's Decades-Long Bull Run Faces Key Test on Monthly Chart

Nike's monthly chart has been a closely watched space for almost four decades. The company's stock price, represented by NYSE:NKE, has consistently traded above a key reference line since the 1980s. This reference line is part of StructuraMarkets' Accumulate layer on TradingView, which draws a structural base that price must fall below to enter a zone.

The last time Nike's stock price fell below this line was during the 2008-2009 decline, but even then, the low remained above the reference. The longest bull run in Nike's history occurred without the Accumulate layer issuing any signals. In contrast, since the 2021 high near $180, Nike has lost roughly 80%, with the reference line rising steadily underneath.

Today, the distance between the stock price and the reference line is smaller than it has been in decades, sparking questions about what might happen if price reaches the reference. The Accumulate layer would open its first monthly zone since the 1980s, but this does not necessarily indicate a buy signal. Rather, it signals the start of a base-building window.

The current monthly candle is still open, and relative volume on the panel reads low, indicating that price movement could be volatile before it closes. It's also worth noting that the 1980s window sat at the start of one of the great runs in equity history, making this chart 'flattering to read backwards' due to survivorship bias.