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NIKE Rises 1.42% on Heavy Volume: Watch For Potential Pullback

By Nick Russo

NIKE (NYSE:NKE) traded in a range yesterday that spanned from a low of $57.96 to a high of $58.78. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $57.99 on volume of 6.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

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 $58.60, 24% 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.

Keywords: rebounders Nike

Ticker(s): NKE