Bullish on NikeGetty Images/iStockphoto
Nike Inc. rallied from US$35.30 to US$68.19 (A-B) above its rising 40-week Moving Average (40wMA) and above a rising trend-line (dotted line). In early 2016, the stock fell below its average and the rising trend-line and stayed in a wide horizontal trading range mostly between US$50 and US$60 (dashed lines). The recent rise above US$60 signalled a breakout from this range, renewed investor interest and the start of a new major up-leg (C). There is good support near US$62-63 but only a decline below US$57-58 would be negative. Point & Figure measurements provide targets of US$69 and US$74. The large trading range (dashed lines) supports higher targets.
Monica Rizk
Ron Meisels