Nike (NKE)

Jan 19, 2022Trade Ideas

Keep an eye on Nike (NKE).

After gapping to $146.95, the stock is now oversold at double bottom support dating back to September 2021. It also oversold on RSI, MACD, and Williams’ %R.

In fact, if you pull up a two-year chart of NKE with these indicators, you can see that when they all align deep in oversold territory, the stocks pushes higher shortly after. We saw that happen in February 2020, October 2020, January 2021, March 2021, June 2021, and in September 2021.

We could see a similar bounce in NKE following the latest pullback, too.

Helping, analysts at Seaport Global just initiated a buy rating on the stock with a price target of $175.

Piper Jaffray analyst Erinn Murphy also sees “sequential improvement in the business as supply chain woes moderate and keeps an Overweight rating on the name with a $183 price target. Positive earnings revisions from here should support upward momentum,” she said, as noted by

From a current price of $146.95, we’d like to see NKE test $180 a share.

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