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

By James Quinn

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 $82.89 and $82.89 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.

Based on a current price of $82.89, Nike Inc -Cl B is currently 13.7% above its average consensus analyst price target of $71.51. The stock should hit resistance at its 50-day moving average (MA) of $85.72, as well as support at its 200-day MA of $80.28.

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 $82.89, which is 25% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.23% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Nike Inc -Cl B. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Nike Inc -Cl B in search of a potential trend change.

Keywords: bearish inside day candle nike inc -cl b

Ticker(s): NKE