Keep an eye on Nike (NKE).
After slipping from about $105 to $97.50, the stock appears to have bottomed out, and is just starting to pivot. It’s also showing signs of bottoming out on RSI, MACD, and Williams’ %R, and could retest resistance around $105 again shortly. Longer-term, we’d like to see NKE refill its bearish gap around $122.50.
Helping, analysts at Guggenheim just added Nike as a best idea of 2024, with the recent pullback creating a compelling entry point. “We believe Nike is laying the groundwork for impactful launches of new products to deliver an acceleration in top line growth in H2 2024 and into 2025,” said the firm, as quoted by Seeking Alpha.
The firm also has a buy rating on NKE, with a price target of $130 a share.
See what we had to say about Nike (NKE) back in January here.
