Nike (NKE)

Mar 24, 2022Trade Ideas

Oversold, Nike (NKE) is coming back strong.

After pulling back from a high about $180 to $119, the stock appears to have caught strong support. Plus, RSI, MACD, and Williams’ %R are all deep in oversold territory, too. The last time these indicators became this oversold, Nike ran from about $142 to about $180.

Helping, according to

“Bernstein analyst Aneesha Sherman initiated coverage of Nike with an Outperform rating and $160 price target, saying the sector’s disruptions give investors the opportunity to find unusually attractive entry points into high-return investments. The analyst contends that Nike remains the long-term quality play, and its current market position is better than ever, with higher share, more direct sales, more capital light e-commerce sales.”

UBS analyst Jay Sole also reiterated a buy rating on the Nike stock.

From a current price of $133, we’d like to see the stock rally back to $145, near-term.

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