Last time we looked at Nike (NKE), it was May, and it broke below some key support factors. We suggested a bearish target of 45.00 in 2017. So far, it has done the opposite, holding above 50 and rallying back above 54.Nike (NKE) Daily Chart(click to enlarge)First Key Resistance:- After pulling back in the second half of May, NKE is now above 54, but also right around some key resistance factors.- Here price is testing a support/resistance pivot. - Price is also testing the 200- and 100-day simple moving averages (SMAs) as resistance. If price indeed respects these SMAs as resistance, the bearish outlook would be more clear.- There is also a rising trendline that was broken in May and it might become resistance.- Finally, the RSI has rebounded back to almost 60 after it dipped below 30. If it can hold below 60, it would reflect maintenance of the prevailing bearish momentum. Second Key Resistance:- A break above 55 would make our bearish outlook to 45 less likely. However, we will need to see a break above 57 to open up a bullish outlook. - Before that, we should simply wait to see what price action develops at this crossroad of technical support and resistance factors. - For example, if price pushes higher and then 54 becomes support, the bullish outlook strengthens. - Also if the RSI pushes above 60, our bearish outlook weakens. If it pushes above 70, we have at least a sideways market if not a bullish one.