Is NIKE Ready for a Break Out?

New York, November 26th (TradersHuddle.com) - NIKE, Inc. (NYSE:NKE) closed the trading day at $96.75, near its 50 day and 200 day moving averages set at $94.98 and $101.09 respectively. NIKE's price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.

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 seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.

A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in NIKE and wait for the stock to break out above the 200 day moving average at $101.09. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $94.98 breaks, it could signal further downside for NIKE in the horizon.

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 16,984.33 ▼99.47 (-0.58%)
o S&P 500 1,981.11 ▼6.87 (-0.35%)
o NASDAQ 4,447.62 ▼24.49 (-0.55%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,984.33 Trade time:9:41AM EDT Value change:▼99.47 (-0.58%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,981.11 Trade time:9:41AM EDT Value change:▼6.87 (-0.35%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,447.62 Trade time:9:41AM EDT Value change:▼24.49 (-0.55%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.