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NIKE (NKE) Approaches New Upside Target of $58.23

By Nick Russo

NIKE (NYSE:NKE) has opened bullishly above the pivot of $57.66 today and has reached the first level of resistance at $58.02. Analysts will be watching for a cross of the next upside pivot targets of $58.23 and $58.80.

In the past 52 weeks, shares of NIKE have traded between a low of $47.25 and a high of $136.39 and are now at $58.06, which is 23% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

There is potential upside of 7.3% for shares of NIKE based on a current price of $58.06 and an average consensus analyst price target of $62.30. The stock should run into initial resistance at its 50-day moving average (MA) of $60.55 and subsequent resistance at its 200-day MA of $61.68.

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 8.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts Nike

Ticker(s): NKE