Buy NKE by Nov 18, 2026.

Nike has been one of the uglier large-cap charts for years, and I had no interest in fighting the downtrend while support kept breaking. What has me paying attention now is that the setup is starting to change. The bear case is still obvious: China remains weak, Hoka and On have taken share, the DTC strategy damaged wholesale relationships, margins are under pressure, and the latest earnings were heavily helped by a roughly $986M tariff recovery. But several things are …