Chart of Day: Nike (NKE)
We’ve seen some great winners over the last few weeks.
Just a couple weeks ago, we highlighted Intel (INTC), as a buy opportunity at $44.04. Today, the tech stock is up to $50.88, and still running.
We also highlighted General Motors (GM) as it traded at $28.89. It’s now up to $36.13. We even highlighted Generac Holdings (GNRC) at $109.62 before it ran to $130
If you were in those trades we’d love to hear how you’re doing.
As for new trade ideas, take a look at Nike (NKE).
Over the last few days, NKE gapped from $122.50 to $108.02 and appears to have caught strong support dating back to late November. Also, if you pull up a one-year chart, you can see NKE is now over-extended at its lower Bollinger Band (2,20), on RSI, Full Stochastics, and Williams’ %R. From here, with patience, we’d like to see it refill its gap around $122.50.
While NKE slipped on earnings and guidance, it also appears most of the negativity has been priced into the stock. Even Goldman Sachs still says NKE is a buy here.
In fact, according to the firm, “Margins came in better than anticipated (+170bps compared to the guide of +100bps), while the analyst is also encouraged by NKE’s solid results during the early holiday season, as management highlighted nearly 10% growth and robust results during major holiday moments (Black Friday/Singles Day),” as highlighted by TipRanks.com.
Goldman now has a $135 price target, with a buy rating.
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