12th October 2024 – The share price of the iconic sports brand Nike Inc remains in a negative medium-term trend, reports Trend Intelligence, as its price currently sits at $82, down some 55% from its November 2021 highs of nearly $180 a share.
Trend’s Analysis (click chart to expand): Trend’s R* Momentum Indicator and its white signal line create a clear visual representation of price trends in play across asset classes and financial instruments. In our Nike Inc chart, Trend Intelligence reports slightly positive trending R* and white signal lines, but with both indicators operating below the critical zero line. This is, and has shown over time to be, a negative trend signal. In addition to the R* indicator, price currently trades well below all 3 of Trend’s moving averages and our Japanese Cloud indicator.
The combination of these signals corroborates Trend’s negative medium-term trend rating on Nike, with the price looking to continue downwards in the weeks and months ahead.
Downside Sentiment: Trend’s recent full analysis on Nike shows that the stock will continue its negative path in the medium-term time frame. Recent quarter sales fell 10% as Nike executives acknowledge that the company pushed too hard into direct and online sales and failed to catch up with footfall customers who are more discerning and who have more choice, reports the Financial Times.
Upside Sentiment: Newly appointed CEO Elliot Hill, set to take his position this week, is a Nike company veteran with experience dating back to his internship. His experience internally and with the brand’s values are expected to turn the tide for Nike’s sales and growth story, reports the Financial Times.
Authored by: Trend Intelligence, London
