Nike's charts are flashing a bullish signal that could forecast a 20% surge $NKE (via TradingNation)
The stock has surged 5% in just two trading days, receiving a fresh boost Tuesday after BMO initiated coverage with an outperform rating. Analysts said the brand has "no parallel in history when it comes to size and scope of its North America sales."
"Nike has been one of those charts where it has historically paid to buy pullbacks, especially within the longer context of the uptrend that's taking place. One way to find out whether a pullback is buyable is looking at the RSI indicator," O'Hara said Tuesday on CNBC's "Its relative strength indicator, or RSI, fell as low as 28 late last week. Any reading below 30 signals oversold conditions.
However, the spread of the coronavirus and the potential impact on Nike's business is still keeping investors on their toes. Nike shares dipped slightly in Wednesday's premarketSteve Chiavarone, portfolio manager at Federated Hermes, says Nike can still bounce back from any disruption out of China.
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