Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Nike Inc. publicized that the company’s Board of Directors has announced a quarterly cash dividend of $0.340 per share on the Nike Company’s outstanding Class (A and B) Common Stock payable on October 2nd, 2023 to shareholders of record on the close of business (September 5th, 2023).
Nike has a debt-to-equity ratio of 63.8%, as reported by Simply Wall St. This implies that it has less debt than equity, which is the difference between its total assets of $37.53 Billion and total liabilities of $23.53 Billion. Nike’s debt is $8.93 Billion, while its equity is $14.00 Billion.
Nike experienced an incline in its earnings at a rate of 16.8% per year on average, according to Simply Wall St., a financial website. The Luxury industry’s average annual earnings growth is 14.8. Therefore, Nike’s earnings are higher than the industry average.
Moreover, Nike Inc. (NKE) stock market capitalization is $163.029 Billion and the total revenue is $51.191 Billion. Moreover, the stock’s basic EPS is $3.26 and the price-to-earnings ratio is 33.36.
Technical Analysis of NKE Stock Price in 1-D Timeframe
The price action shows that Nike Inc. (NYSE: NKE) stock price took rejection at $128 and has been on a declining trend for the last three months, decreasing by 8.45% making lower highs and lower lows.
At the time of writing, NKE stock is trading at around $106.55 and facing nearest resistance around $110.60 and declining from the lower trendline and a pattern might be forming which is a symmetrical triangle pattern.
Therefore, if the NKE price fails to sustain the current level and drops, it might hit the nearest support levels of $104.03 and $100.23.
However, if it maintains the current level, the NKE prices could continue to move upward and reach the first and second resistances of $110.60 and $114.42 respectively.
At the time of publishing, Nike Inc. (NYSE: NKE) is trading below the 20, 50, 100, and 200-day EMA (exponential moving averages), which rejects the NKE price trend.
Hence, the NKE price is expected to move downwards showing a bearish overview over the daily time frame chart.
The current value of RSI is 41.30 points. The 14 SMA is below the median line at 48.79 points which indicates that Nike stock is in bearish territory and the RSI line took rejection from 14 SMA and is headed towards an oversold zone highlighting bearishness.
The MACD line at 0.3331 and signal line at 0.1787 are below the zero line and both lines have crossed each other. A bearish crossover is observed in the MACD oscillator which signals bearishness for the Nike stock price.
Summary
Nike Inc. (NYSE: NKE) indicates that the investors and traders of the stock price are bearish on the 1-D time frame. The price action reflects a bearish outlook at the time of publishing. The technical analysis tools of Nike stock price also support bearishness. The MACD, RSI, and EMA highlight negative signals and imply that a downtrend may continue in Nike stock price.
Technical Levels
- Support levels: $104.03 and $100.23
- Resistance levels: $110.60 and $114.42
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/16/nike-stock-price-prediction-will-nke-stock-breakdown-soon/