Above Resistance: NIKE
Published on Friday, 27 July 2012 05:32 Written by TradersHuddle Wire
New York, July 27th (TradersHuddle.com) - Shares of NIKE, Inc. (NYSE:NKE) closed the session at $96.58 just above calculated resistance at $95.98. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $85.10 and resistance at $95.98. Given that this range was broken, traders will be closely monitoring NIKE's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that NIKE is still near the broken resistance level, traders will be focusing on the $95.98 level to see if the stock holds the breakout without rolling over.
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