Nike Finds Resistance Ahead Of All-Time High
Nike Inc (NYSE: NKE) shares are trading higher by $6 at $131.78 in Friday's session. The catalyst for the rally is the announcement by the company of a new $12 billion buyback plan, raised dividend and 2-for-1 stock split.
So far, it has found intra-day resistance well ahead of its all-time high ($133.52), only reaching $132.80 before falling back under $132. The all-time closing high for the issue was made on October 19 at $133.21.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Do you like this article? Do you have suggestions for improvement? Please email email@example.com
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.