Is NIKE Breaking Out?

Published on Monday, 06 February 2012 05:28 Written by Danny Miller

New York, February 6th (TradersHuddle.com) - Shares of NIKE, Inc. (NYSE:NKE) closed the trading session at $103.50 just above calculated resistance at $103.29 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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's stock was trading in a well defined range with support at $92.89 and resistance at $103.29, given that this range was broken traders will be closely monitoring the stock