NKE in a New Range?
In the trading session following the release of their Q1'20 ER on September 24, 2019, NKE closed at $90.81, finally pushing through that resistance level around $89. Although a little choppy, shares rose higher in the first half of October until Mark Parker, the 13-year CEO and 40-year employee of Nike, announced that he was stepping down on October 22, 2019. This sent NKE lower and left it hovering around that 89ish level for ~2 weeks, using this level as support.
However, since mid-November, shares have been soaring and seemingly broken through some important resistance levels. Although NKE experienced a small sell off, shares seemed to get strong support at that lower line drawn in the chart and worked its way back up to 100/share only to close just shy of that level ($99.96).
It seems that NKE has some serious room to run into the end of the year, especially considering were in the midst of the holiday season and I think we could see the shares perform very well into the start of 2020.
However, since mid-November, shares have been soaring and seemingly broken through some important resistance levels. Although NKE experienced a small sell off, shares seemed to get strong support at that lower line drawn in the chart and worked its way back up to 100/share only to close just shy of that level ($99.96).
It seems that NKE has some serious room to run into the end of the year, especially considering were in the midst of the holiday season and I think we could see the shares perform very well into the start of 2020.
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