Nike Unfazed

Nike (NKE) was ripping this morning. Last night's second-quarter earnings report, sparked a powerful gap higher open that lifted shares well above heavy resistance. NKE faded a bit after the opening print but quickly regained its momentum despite the market's overall weakness. At midday, the stock remained very well bid and has stabilized with a 5% surge. Volume is running very heavy and could finish the session as the heaviest upside day of 2012. Since there is little short interest in the name, this is impressive action.

Nike (NKE) –- Daily Source: TradeStation View Chart » View in New Window »

Nike has been tracing out a healthy bullish pennant since the end of last month. The upper band of the consolidation held just below a declining 200-day moving average. Nike's September peak, a key level following the late June collapse, is also in this zone. This area is now a major near term support area and will offer a very low risk buying opportunity for patient bulls....109 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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