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Possible Bearish Inside Day Candle Pattern Detected for Nike Inc -Cl B (NYSE:NKE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nike Inc -Cl B (NYSE:NKE) based on the price action in the company's shares. Today's price range of $81.89 and $82.65 is within yesterday'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 Inc -Cl B 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 markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

In the past 52 weeks, shares of Nike Inc -Cl B have traded between a low of $66.53 and a high of $90.00 and are now at $82.28, which is 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Nike Inc -Cl B (NYSE:NKE) is currently priced 13.1% above its average consensus analyst price target of $71.51. The stock should find resistance at its 50-day moving average (MA) of $84.58, as well as support at its 200-day MA of $81.78.

SmarTrend is tracking the current trend status for Nike Inc -Cl B and will alert subscribers who have NKE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle nike inc -cl b

Ticker(s): NKE