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

By Nick Russo

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 $81.59 and $81.59 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.

Over the past year, Nike Inc -Cl B has traded in a range of $62.09 to $86.04 and is now at $81.59, 31% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

Based on a current price of $81.59, Nike Inc -Cl B is currently 12.4% above its average consensus analyst price target of $71.51. The stock should find initial support at its 200-day moving average (MA) of $75.91 and further support at its 50-day MA of $75.04.

SmarTrend recommended that subscribers consider buying shares of Nike Inc -Cl B on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.99. Since that recommendation, shares of Nike Inc -Cl B have risen 10.7%. We continue to monitor NKE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nike inc -cl b

Ticker(s): NKE