Nike shares close higher on Thursday, company’s outlook positive, says Barclays

According to a note by analysts at Barclays PLC, Nike Incs (NKE) innovation endeavors are already paying off, with the companys HyperAdapt 1.0 and Air VaporMax models both performing well.

Nike shares closed higher on Thursday, while marking their first gain in the past six trading sessions. The stock edged up 0.29% ($0.16) to $55.14, after touching an intraday high at $55.94, or a price level not seen since March 31st ($56.03). In the week ended on April 2nd the shares of the athletic apparel manufacturer lost 1.12% of their market value compared to a week ago, which marked a second consecutive period of decline. The stock has pared its slump to 1.06% so far during the current month, following a 2.50% drop in March. The latter has been the first loss in the past four months. For the entire past year, Nike shares retreated 18.67%.

In 2016, nine out of the top ten best-selling shoe models in the United States in terms of dollar volume were manufactured by Nike.

“We believe that consumers desire freshness and newness in today’s environment as information flows are accelerating. NKE’s efforts to double speed (LunarCharge went from design to market in weeks) should only serve as an incremental competitive advantage in this regard”, Barclays analysts wrote in a note to clients, cited by Seeking Alpha.

According to CNN Money, the 33 analysts, offering 12-month forecasts regarding Nikes stock price, have a median target of $62.00, with a high estimate of $100.00 and a low estimate of $46.00. The median estimate is a 12.44% surge compared to the closing price of $55.14 on April 6th.

The same media also reported that 19 out of 37 surveyed investment analysts had rated Nikes stock as “Buy”, while 13 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Nike stock are presented as follows:

R1 – $55.23
R2 – $55.32
R3 (Range Resistance – Sell) – $55.42
R4 (Long Breakout) – $55.69
R5 (Breakout Target 1) – $56.01
R6 (Breakout Target 2) – $56.14

S1 – $55.05
S2 – $54.96
S3 (Range Support – Buy) – $54.87
S4 (Short Breakout) – $54.59
S5 (Breakout Target 1) – $54.27
S6 (Breakout Target 2) – $54.14

By using the traditional method of calculation, the weekly levels of importance for Nike Inc (NKE) are presented as follows:

Central Pivot Point – $56.12
R1 – $56.71
R2 – $57.68
R3 – $58.27
R4 – $58.85

S1 – $55.15
S2 – $54.56
S3 – $53.59
S4 – $52.61