Nike’s chart is reading like a well-worn playbook — but with a twist that could make or break the next move.

The position cost distribution tells a story of dominance: a staggering 91.52% of holders are in profit, with the average cost sitting comfortably at $70.65 against the current $79 handle. Support is stacked deep at $74.25, giving bulls a sturdy floor. But the purple “pressure” band at $76.35 hints that, while profit-takers haven’t shown their hand yet, the temptation grows with each uptick.

Valuation, though, is where the plot thickens. Nike’s P/E multiples have steadily compressed over the past year — the top end of the band collapsing from the 30s into the high teens. Price, meanwhile, has clawed back from its spring lows, wedged between the mid-range and the next valuation ceiling. Translation: the stock isn’t as frothy as it once was, but it’s not screaming cheap either.

Then there’s the short data — and it’s not whispering, it’s humming. Short interest hovers near 35% of float, with a late-summer climb that suggests a meaningful bet against the swoosh. This sets up a potential volatility trap: either shorts get the pullback they’re betting on, or a bullish push forces an expensive retreat.

For traders, Nike is a lesson in reading the battlefield: heavy green on the cost chart means a lot of comfortable longs, falling multiples hint at shifting sentiment, and a sharp short build signals a brewing fight.

Right now, the ball’s in the bulls’ court — but the shorts are already pressing full-court defense.