Keep an eye on Nike (NKE).
After gapping lower, it appears the stock is bottoming out, and could reverse higher. Goldman Sachs says it’s a buy here.
According to the firm, “Margins came in better than anticipated (+170 bps compared to the guide of +100 bps), while the analyst is also encouraged by NKE’s solid results during the early holiday season, as management highlighted nearly 10% growth and robust results during major holiday moments (Black Friday/Singles Day),” as highlighted by TipRanks.com.
NKE is also technically oversold on RSI, MACD, and Williams’ %R. If you pull up a one- and two-year chart, you can see that when these three indicators align in oversold territory, as they’re doing now, NKE starts to pivot higher. We’re hoping for a similar move now.
Last trading at $102.27, we’d like to see it refill its bearish gap around $122.50 near term. Plus, while we wait for NKE to recover, we can collect its yield of 1.45%.
