Nike (NKE) reported earnings for Quarter ending Feb. 28, 2017, and it missed Wall Street's forecasts. The numbers were decent, just not as strong as analysts had hoped. Competition and changing consumer dynamics are the main deterrent to the spectacular growth Nike has seen in the past. Why Nike's Stock Just Got Destroyed After a Monster QuarterLet's take a look at the chart:(click to enlarge)Pullback or Bearish Continuation:- Note that price shot up in February after slowly drifting higher since November. - The weekly chart also shows price cracking a key resistance.- The dip this week could simply be a pullback to be bought as Nike extends the bullish breakout.- However, if we look at the weekly chart and the recent high around 59, it was still lower than the August 2016 high at 60.- Technically, the bearish trend since the start of 2016 is still intact despite the break above a falling resistance.53 Pivot:- The 53 area could be critical.- A break below 53 would suggest bearish continuation, with the 2016-low of 51.15 in sight, and the psychological level of 50 in sight. - Looking at the price action this week, I think bulls are exhausted and bears will take back charge.- Therefore, I am not confident about this support around 53. - At most I would anticipate a bounce back up towards 56.- If price came down slowly and choppily I would be more respectful of the support. However, we are seeing a sharp selloff that might have the momentum to fall right through support, and limit any bullish outlook.Nike (NKE) Weekly Chart(click to enlarge)