Chart of Day: Nike (NKE) – 1/24

Keep an eye on Nike (NKE).

After gapping from about $122.50 to $100 a share, the stock appears to have caught strong support. It’s also over-extended on RSI, MACD, and Williams’ %R. The last time it slipped to this price, it bounced to $122.50 a few weeks later.  We’re hoping for a similar recovery again – especially with a good deal of negativity priced into the stock.


Analysts at Morgan Stanley just raised their price target on NKE to $125, with an overweight rating on the stock. In addition, Goldman Sachs said NKE is a buy, with a price target of $139 a share.

As noted by Seeking Alpha, The Goldman Sachs view is that valuation already reflects the concerns over market share growth from select competitors, wholesale channel pressures, and fading tailwinds from select growth drivers. Tailwinds from DTC growth and opportunities for Nike to see strong margins in China are expected to line up with some easier comparisons in the quarters ahead.”

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