Nike Stock Running into Bull Signal

Another indicator points to a potential short-term bounce

Deputy Editor
May 18, 2023 at 3:31 PM
facebook X logo linkedin

Nike Inc (NYSE:NKE) stock appears to be bouncing off of familiar support at the $115 level after an extended drop, up 0.5% at $117.51 at last glance. The shares could continue their path higher as well, as they've just run into a trendline with historically bullish implications. 

According to Schaeffer's Senior Quantitative Analyst Rocky White, NKE is trading within one standard deviation of its 160-day moving average for the fifth time in the past three years. Nike stock was positive one month later after three out of the four of these signals, averaging a 3.1% return. 

NKE May18

It's also worth noting that the security's 14-day relative strength index (RSI) of 30.6 is right on the cusp of "oversold" territory. This is typically indicative of an upcoming bounce in the short term as well. 

Now looks like a good time to weigh in on NKE with options, too, per its Schaeffer's Volatility Index (SVI) of 25%, which ranks in the low 58h percentile of its 12-month range. This means options traders are pricing in low volatility expectations at the moment. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI