Nike Rally Running Out Of Buyers

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Nike Inc. NKE shares are trading lower by $4.30at $108.00 in Friday's session. It is in the midst of a two day losing streak as the issue ended Wednesday's session at $114.96. That marked the the third consecutive close in a tight range ($114.82-$114.98). After a lower open on Thursday, Nike could not reclaim the triple close area and ended the session near the low for the day at $112.30. After another lower open today, it could only manage at $0.19 bounce to $11.,66 before plunging to $107.02 and attempting to rebound. The current low is in the area of a pair of lows from June 29 ($107.66) and June 30 ($107.80). Nike's all time high was made on August 5 at $117.72 and it posted its all time closing high the same day at $116.75. Nike will not report Q1 earnings until September 24 and the Street will be looking for $1.09.