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After Yesterday's Rally of 3.30% Shares Could Potentially Pullback

By Nick Russo

NIKE (NYSE:NKE) traded in a range yesterday that spanned from a low of $57.25 to a high of $59.14. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $57.46 on volume of 8.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, NIKE share prices have been bracketed by a low of $47.25 and a high of $136.39 and are now at $58.97, 25% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 0.12% lower over the past week, respectively.

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 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Nike

Ticker(s): NKE