Technical Update - Adidas, Puma and Nike

Puma AG seems to be dragged won with the bad news from Adidas. Puma has at the time of writing broken below the lower trendline in the rising channel is has been trading in the past couple of months. If Puma closes below support at €59 the uptrend has reversed.
RSI is showing divergence indication a trend reversal/correction.
A close below 59 could fuel a selling pressure down to support at around 50.35

Medium-term the indicators are inconclusive. RSI is showing positive sentiment suggesting higher levels in Puma. 59 support is key.
If Puma can manage to close above 67.35 there is room to around 72.38

Nike is also showing divergence on daily RSI indicating a correction could occur. Lower rising trendline is likely to be tested but key support at around 112.35 and 102.45.

Medium-term Nike is in an uptrend supported by positive RSI and no divergence on weekly. 55 weekly Moving Average is declining but 200 MA rising. Potential up to resistance at around 139.
A likely scenario could be Nike to be range bound between 112.35 and 130 for next few weeks. 112.35 is key support for bull/bear scenario.

RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend