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

By Shiri Gupta

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. Yesterday's price range of $103.90 and $104.44 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 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 -Cl B (NYSE:NKE) defies analysts with a current price ($104.30) 31.4% above its average consensus price target of $71.51. Nike Inc -Cl B shares have support at the 50-day moving average (MA) of $97.42 and additional support at the 200-day MA of $89.11.

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 $75.46 and a high of $104.55 and closed yesterday at $104.30, which is 38% above that low price. The 200-day and 50-day moving averages have moved 0.22% higher and 0.61% higher over the past week, respectively.

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 am inside day candle nike inc -cl b

Ticker(s): NKE