Nike is down 12 percent in one month — should you buy?

Nike shares slip – buying opportunity?

Some strategists are backing away from shares of Nike, which have fallen nearly 12 percent in the past month, securing its place as the worst-performing Dow component in that time.

"Shares have been weaker on a relative basis, and [are] faced by what we see are these top-down headwinds from this bearish apparel and retail industry," Ari Wald, head of technical analysis at Oppenheimer, said Tuesday on CNBC's "Trading Nation." "We see more attractive opportunities elsewhere."

Still, there is some good news. The stock itself has become "tactically oversold at the lower end of its trading range," said Wald, which presents a bit of good news for the beaten-down athletic wear manufacturer. While at this point he wouldn't swoop in and buy the stock, he does not necessarily see further losses at this juncture.

Nike shares were trading modestly lower Wednesday, just below $53 per share.

The broader weakness seen in the athletic retail space gives Mike Binger, senior portfolio manager at Gradient Investments, pause about Nike, and he would not own the stock at current levels.

"When I look at the landscape of the athletic apparel industry, I see Dick's Sporting Goods, I see Under Armour, I see Foot Locker, I see Finish Line ... all of them [have] negative business trends; the stocks have been crushed, slashing estimates," Binger said on "Trading Nation."

Nike's valuation, at 21 times expected forward earnings, also raises a flag, given its earnings are forecast to decline for fiscal 2018.

"It's one of those stocks that's certainly not going to attract a growth investor because earnings are declining; it's not going to attract a value investor because it has a high multiple. It's stuck in purgatory, and it's hard to make money on a stock like that," he said.

In late August, shares in the company fell after Jefferies analyst Randal Konik wrote in a note to clients that the brand has begun losing some of its dominance in the athletic apparel space to competitor Adidas.

"With expectations for less robust fundamentals, Nike's premium valuation conflicts with intensifying US competition unfolding," Konik wrote.

The stock has declined nearly 8 percent in the last year.