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- Nike’s share price continues to rise and has gained 12.29% this month.
- After releasing third-quarter earnings, Nike stock underperformed.
- The 0.5 level of Fib Retracement ($130) is seen as the next resistance level.
FY 2023 started on a favorable note for Nike investors. However, the share price of NYSE:NIKE is moving up from its yearly low of $82.22. Later, unstoppable efforts by buyers pushed the asset price above several bullish barriers.
Nike recently released its third-quarter results, and the stock price has been steadily rising since then. Revenue in the third quarter was $10.9 billion, a 5% increase over the previous year and an 8% increase on a currency-neutral basis. This favorable wind aids investors in sticking with Nike.
Gap-up and gap-down price openings forced many retail investors or traders out of the US market. Nevertheless, high volatility provides intraday opportunities to speculators. Daylight hours of January 10, Wall Street traded in the green as the Dow Jones rose 0.56% to 186.45 basis points. Similarly, the Nasdaq closed above 1% in a single day.
The price structure of Nike stock has been a downtrend buy since its 90-day low. Meanwhile, the asset closed Tuesday at $125.84 with a monthly gain of 29.9%. The bullish trend is clearly visible on the monthly chart, as investors watch for the fourth green candle in January. Recently buyers broke the $120 resistance during a recovery and the 0.5 fiber retracement of $130 is seen as the next resistance.
After 52 weeks, the buyers successfully manage NYSE:NIKE stock price above the 200-day moving average. After all, the digital asset is well above important SMAs like 20,50,100 and 200 at the time of writing.
Thus, the overbought RSI peak is targeting the November 2022 high. This bullish divergence could help the buyers to break the $130 resistance soon.
Conclusion
NYSE:Nike’s stock price may rest at $130 for some time before another rally. After a sustained rally, a price correction phase is likely ahead which will be a strong signal of a bullish trend.
Support level – $100 and $80
Resistance level – $130 and $150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
