Possible Bearish Inside Day Candle Pattern Detected for NIKE (NYSE:NKE)

Published on Wed, 03/04/2015 - 08:28
By Mallory Stone in Candlestick, NKE, bearish am inside day candle, nike, nyse:nke

Analysts have spotted a possible bearish inside day candle pattern in NIKE (NYSE:NKE) based on the price action in the company's shares. Yesterday's price range of $97.12 and $98.47 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of NIKE may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

NIKE, Inc. designs, develops, and worldwide markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company also offers dress and casual footwear, apparel and accessories for men and women through a subsidiary. Nike sells its products to retail stores, through its own stores, and through a mix of independent distributors and licensees,

In the past 52 weeks, shares of NIKE have traded between a low of $70.60 and a high of $99.76 and closed yesterday at $97.97, which is 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.2%.

Potential upside of 6.2% exists for NIKE, based on a current level of $97.97 and analysts' average consensus price target of $104.04. The stock should discover initial support at its 50-day moving average (MA) of $94.63 and subsequent support at its 200-day MA of $86.45.

By Mallory Stone
mstone@fnno.com

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