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Downgrade Alert for NIKE (NKE)

By Amy Schwartz

NIKE (NYSE:NKE) was downgraded from Positive to Mixed at OTR Global today. The stock closed yesterday at $53.47 on volume of 14.4 million shares, above average daily volume of 9.1 million.

NIKE has overhead space with shares priced $53.47, or 62.2% below the average consensus analyst price target of $141.50. NIKE shares should first meet resistance at the 50-day moving average (MA) of $60.55 and find additional resistance at the 200-day MA of $61.68.

NIKE share prices have moved between a 52-week high of $136.39 and a 52-week low of $47.25 and closed yesterday at 13% above that low price at $53.47 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

NIKE, Inc. designs, develops, and worldwide markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company also offers dress and casual footwear, apparel and accessories for men and women through a subsidiary. Nike sells its products to retail stores, through its own stores, and through a mix of independent distributors and licensees,

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 14.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Nike

Ticker(s): NKE