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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 $103.91 and $104.42 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, Nike Inc -Cl B share prices have been bracketed by a low of $75.46 and a high of $104.55 and are now at $103.95, 38% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.4%.

Nike Inc -Cl B (NYSE:NKE) is currently priced 31.2% above its average consensus analyst price target of $71.51. Nike Inc -Cl B shares have support at the 50-day moving average (MA) of $97.11 and additional support at the 200-day MA of $89.01.

SmarTrend recommended that subscribers consider buying shares of Nike Inc -Cl B on November 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $93.59. Since that recommendation, shares of Nike Inc -Cl B have risen 11.7%. 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