NIKE Booked a New High

Published on Wednesday, 08 February 2012 11:34 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of NIKE, Inc. (NYSE:NKE) booked a new 52 week high today by trading above $104.94, traders are definitely monitoring NIKE's price action to see if this move attracts further buying into the stock.

NIKE, Inc. (NYSE:NKE) designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children worldwide. The Company sell its products to retail stores, through its own stores, and through a mix of independent distributors and licensees.

NIKE is currently trading 2.25% versus its previous trading session close, and it has calculated support and resistance at $92.89 and $103.29 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.3% from its previous trading close, which means that NIKE stock is outperforming the overall market.