Nike (NKE) Shares Surge 5%
The sportswear giant was among the top performers in the US stock market yesterday after Jefferies analysts raised their outlook:
Upgraded NKE stock from Hold to Buy
Increased the price target from $75 to $115
Amid fierce competition, NKE shares had been in a downtrend throughout 2023-2024, but a leadership change (which we covered in September 2024) may have acted as a catalyst for a turnaround.
Technical Analysis of Nike (NKE) Stock
Jefferies upgrade triggered a bullish breakout of the downtrend line (marked in red).
The $71 level has proven to be a key support, particularly in February, when NKE hit its yearly low. Bears attempted to resume the downtrend, but failedsince then, the stock has surged approximately 17%, forming a sharp reversal (marked by an arrow), which is a bullish signal.
In Wyckoff Method terminology, this move could indicate a Terminal Shakeout, marking a transition from the Accumulation phase to the Mark-Up phase.
Nike (NKE) Stock Forecast
Jefferies analysts hold the most optimistic outlook among their peers. According to TipRanks:
15 out of 28 analysts recommend buying NKE shares
The average 12-month price target for NKE is $86
Read more: https://fxopen.com/blog/en/oa-nike-nke-shares-surge-5/
Text source: Forex Trading Blog
