NIKE stock (NKE) upside potential after the information on the conclusion of an eight-year contract with the National Basketball Association (NBA). The amount of the contract is estimated at more than $ 1 billion, or about 3% of the annual revenue of the Issuer. The deal is a powerful marketing tool and will strengthen the company’s position in the sportswear market.
The second factor can be a growth of information on the growth of retail sales in the US in May, which exceeded expectations. In particular, retail sales excluding automobiles in the previous month increased by 1% compared to April, the expected growth of 0.7%. Since more than 44% of revenue generated in the United States, increased consumer activity has a positive impact on the company’s earnings.
|Nike stock chart|
Support and resistance levels
Support 1 103
Support 2 103,3
Current price: 103,7
Resistance 1 104
Resistance 2 104,95
NIKE stock (NKE) – buy nike – Buy from the level of 103.5. The purpose – 104,5, Stop-Loss-102,8
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.