Nike Stock: Nike Stock Price Begins the Journey to Reach $130?

Nike Stock price gained momentum after the release of fiscal year 2023’s third quarter earnings report.
Nike stock price sustained above the 50- and 200-day EMAs indicating uptrend.
Nike Inc. (NYSE: NKE) reported EPS of $0.79 and revenue of $12.39 billion.

Nike Stock price has recovered 8.50% (approx) from the recent low and is up by 4.34% on a weekly basis. Nike stock price reacted positively after the release of the third quarter results; prices witnessed a massive spike in the buying volume. It indicates that some genuine long term investors may be buying the stock who are expecting an upward momentum to continue in coming months. Nike stock has also sustained above the 50- and 200-day EMAs which indicate that the positional trend is in the upward direction.

Nike Stock price (NYSE: NKE) closed the previous session at $125.61 with an intraday rise of 3.64% and market capitalization at $194.77 billion. In the beginning of January, Nike stock (NYSE: NKE) holds the $115.00 hurdle level and started expanding upside by forming higher-high candles. Later, Nike stock price rallied 12% (approx) in one month and hit a high of $131.31. After consolidating for a few weeks in the narrow range between $124.00 to $130.00, prices lacked momentum and reverted in a downward direction.

Will Nike Stock Price Break The $130 Hurdle ?

Nike stock price tried to defend the lower range but due to bearish sentiment in the market, the bears succeeded in pulling the prices below the range. It invited further sell-off and prices tested the three-month low. However, Nike stock price bounced back and showed signs of a bullish trend reversal. Moreover, Nike Inc (NYSE: NKE) reported a third quarter earnings which further boosted the rally and bulls seem to be returning back to the track. Technical analysis suggests that the probability of striking the $130 level is high and hopefully it will hold at the higher levels.

Nike Stock: Technical Outlook and Quarterly Results Updates

The MACD had generated a fresh positive crossover; histogram bars are on the rise indicating bullishness in the coming days. The RSI at 63 heading North denotes the strength in the prices; it suggests that more room for upside movement is open for the bulls.

Nike Inc (NYSE: NKE) reported fiscal year 2023 third quarter earnings on March 21st, 2023 and in the regular trading session Nike Stock jumped 3.64% in a single day. Nike Inc. reported an EPS of $0.79 while the estimate was $0.555 (which is 42.32%). It reported a revenue of $12.39 billion vs estimated at $11.482 billion which is 7.91% higher than the estimates. However, the Net income at $1.24 billion which is slightly lower than the previous quarter.

Conclusion

Nike stock price reacted positively after the release of the third quarter earnings and showed signs of a bullish trend reversal. Technical analysis of Nike Inc (NYSE: NKE ) suggests that the probability of striking the $130 level is high and hopefully the bulls will hold the higher levels.

Technical levels

Resistance levels : $130.00 and $140.00

Support levels : $115.00 and $110.00

Disclaimer

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