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Uncovering Noteworthy Technical Analysis Findings for NIKE INC -CL B (NYSE:NKE).

By Mill Chart

Last update: Nov 29, 2023

Our stockscreener has identified a possible breakout setup on NIKE INC -CL B (NYSE:NKE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:NKE for potential opportunities.

NKE Daily chart on 2023-11-29

In-Depth Technical Analysis of NYSE:NKE

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NKE scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, NKE is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • In the last month NKE has a been trading in the 99.97 - 110.70 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been consolidating recently, this may present a good entry opportunity.
  • When compared to the yearly performance of all other stocks, NKE outperforms 66% of them, which is more or less in line with the market.
  • NKE is part of the Textiles, Apparel & Luxury Goods industry. There are 49 other stocks in this industry, NKE did better than 68% of them.
  • NKE is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so NKE is lagging the market.

For an up to date full technical analysis you can check the technical report of NKE

Why is NYSE:NKE a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:NKE is 9:

Besides having an excellent technical rating, NKE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 108.76. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 107.23, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NKE in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:NKE

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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NIKE INC -CL B

NYSE:NKE (2/23/2024, 7:04:01 PM)

After market: 105.52 -0.11 (-0.1%)

105.63

+0.55 (+0.52%)

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