After Yesterday's Rally of 1.61% Shares Could Potentially Pullback
NIKE (NYSE:NKE) traded in a range yesterday that spanned from a low of $54.23 to a high of $55.15. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $55.06 on volume of 4.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, NIKE has traded in a range of $47.25 to $136.39 and is now at $54.64, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
SmarTrend recommended that its subscribers protect gains by selling shares of NIKE on December 24th, 2015 by issuing a Downtrend alert when the shares were trading at $63.44. Since that call, shares of NIKE have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders Nike