Nike Stock Technical Levels To Watch After Analyst Upgrade

Nike Inc. NKE shares were trading in the green Tuesday following an analyst upgrade.

Jefferies upgraded the stock from Hold to Buy and raised the price target from $140 to $192.

Nike was trading 0.16% higher at $136.62 at last check. 

Here are technical levels to watch for the stock.

Related Link: What's Happening With Nike Stock Today?

Nike Daily Chart Analysis

• The stock has been trading in a downtrending channel for the past couple months in a possible bullish flag pattern.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Both of these moving averages may hold as support in the future.

Key Nike Levels To Watch

• The stock is trading in a downward trending channel that may be thought of as a bullish flag pattern.
• This pattern happens after the stock makes a run up and trades sideways for a while before making a higher move.
• The line connecting the highs has held as resistance and the line connecting the lows is where the stock found support before.

What’s Next For Nike?

Bullish technical traders would like to see the stock break out of the resistance line that connects the highs and see an upward move.

Bearish technical traders would like to see the stock fall below the line that connects the lows. A break below this line could signal that the stock is about to make a lower move.

Photo courtesy of Nike.