Nike (NKE) has been choppy in 2017. After a rally to 60.40, it is now falling towards the low on the year around 50.75. Nike (NKE) Daily Chart(click to enlarge)Range:- As we can see on the daily chart, price action has been forming a range since mid-2016. - After a failure to clear above 60.40, NKE fell sharply and is now approaching the low of the year.- The 2016-low, around 49 up to 50.75 will be a key support area for Nike.- I think price will bounce up, but we should first limit the bullish outlook to 54-55.