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- Nike Inc. has been promoting its direct sales since 2017 as it has started depending on the direct business, Nike stock price has experienced some great recovery over the daily time frame chart following the strategy.
- Since Nike has adapted the direct sales business model, Nike’s business has doubled, while wholesale business on the other hand has been flat.
- Nike stock price has gotten up by 12% by the start of 2023 and has been experiencing buying as the direct sales business of Nike had some astounding returns in the last quarter.
After finding support at the $85 level in October 2022, the Nike stock price has been rising ever since and is currently valued at over $127. Since December 2022, there must have been purchases of Nike stock, which is now attempting to maintain its current level. Over the daily time frame chart, the share price of NIKE (NYSE: NKE) has been recovering with a strong upward momentum. The NKE share price has been steadily rising over the daily time frame chart, and is currently thriving to rise above $140.
Nike stock price was at $127.03 and has dropped 0.58% of its market capitalization. Sellers are currently trying to raid the Nike stock as they observe a shorting opportunity for NYK share price.
Nike stock price has been surging with uptrend momentum since the start of 2023, over the daily time frame chart. However, sellers are now trying to shatter the accumulation rate and are trying to pull Nike share price towards $100 level. Investors and buyers in NIke stocks need to increase the accumulation rate for the share price to keep soaring over the daily time frame chart. Meanwhile, Nike stock price has recovered above 20, 50, 100 and 200-days Daily Moving Average.
Remarkable Growth of Nike Stock:
Investors in Nike stock are captivated by green signals as Nike has risen by about 5.73% in the past week, 10% in the past month, and 40% in the last quarter, which is over a period of three months.
NKE Stock Making its Return from Overbought Territory!
Technical indicators suggest that Nike stock price (NYSE: NKE) is currently being overbought over the daily time frame chart. Relative Strength Index confirms that Nike share price is making its return from the overbought territory. MACD exhibits the uptrend momentum of Nike shares. The MACD line is ahead of the signal line but the MACD line may approach the signal line for a negative crossover. Investors of Nike shares need to wait for any directional change over the daily time frame chart.
Summary
After finding support at the $85 level in October 2022, the Nike share price has been rising ever since and is currently valued at over $127. Since December 2022, there must have been purchases of Nike stock, which is now attempting to maintain its current level. Investors in Nike stock are captivated by green signals as Nike has risen by about 5.73% in the past week. Technical indicators suggest that Nike stock price is currently being overbought over the daily time frame chart.
Technical Levels
Support Levels: $120.00 and $115.00
Resistance Levels: $128.00 and $130.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
