We have been bearish on Nike (NKE) and projected downside to 45. But it has been bullish since tagging 51.00 and was back above 54.00 earlier in the week. In our last report on NKE, we noted that 54-55 is a key resistance area. Indeed, the market stalled here and retreated sharply. Nike (NKE) Daily Chart(click to enlarge)Flag Pattern:- The daily chart shows that the almost month-long rally was in a flag pattern structure - choppy price action within a small rising channel.- If the prevailing trend was bearish, and price breaks below this flag pattern, there is a bearish continuation signal. - This is the case here, as NKE signals a bearish continuation in the short-term, which would be part of a medium-term consolidation that can last months. Downside:- Before the 45.00 target, we might see some support in the 49-50 area, then the 47.50 area.