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Nike shares rise after robust quarter results but will the stock break this key level?

Nike Inc. stock (NYSE:NKE) rose more than 12% on Wednesday as second-quarter results topped estimates. The EPS in the quarter report came at $0.85, exceeding estimates of $0.65. The revenue was $13.3 (£10.99) billion, more than $12.58 (£10.40) billion estimates.

Analysts were encouraged by the stock market news of the sports apparel company. Oppenheimer commented on the results, saying they are decidedly upbeat. According to the analysts, the results lauded Nike’s powerful and digitally-driven model.

Barclays analysts noted that the quarter results proved the brand strength of Nike and its innovation. The comment comes even as Nike attributed the performance to strong demand and improved inventory. The company said the second-quarter momentum accelerated into the third quarter. That was especially driven by strong demand during Cyber Week.

Nike stock has now earned a better rating across the board. Wells Fargo gave the stock an overweight rating, targeting $135. NKE traded at $118 as of press time. Raymond James also threw weight on the stock, rising the price target from $99 to $130. Morgan Stanley expects the stock to hit $138. Barclays was the least optimistic, holding an equal weight rating, citing an uncertain demand.

We believe $138 is a realistic target if investing in NIKE in the short and medium term. However, the stock must overcome a crucial resistance level. Let’s shift to the technical side.

NKE battles resistance amid a strong bullish momentum

NKE Stock Chart by TradingView

On the technical outlook, NKE is battling resistance around $118. A strong bullish candlestick has formed below and towers at the resistance, indicating increased stock buying. That is marked by a strong and rising momentum on the MACD indicator.

Are Nike shares attractive?

NKE is attractive after the strong quarterly results and outlook. Clearance of the $118 resistance would set the stock to a higher price. Investors can buy NKE on the breakout. We see the next target for the stock at $138, although any area from $130 could act as resistance.

The post <strong>Nike shares rise after robust quarter results but will the stock break this key level?</strong> appeared first on Invezz.

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