Nike is up 43% since 25th of September. Up 14% from this time last year

Taking a look at Nike as its stock is up 43% since the back end of September. Currently, its share price is trading at around $122.01 a share. If we break the timeline down then yes – the stock is up 43% since the 25^th of September. But from this time last year, the gain so far has only been 14%, which in theory is still a good return. However, if we look at the rest of the market, Nike is nowhere near the majority of the high performers. Nike’s all-time highs are around $178 a share, so the stock is still down 31% from its highs. The next resistance here for the bulls is January’s high of $132.11, a break and close above it could perhaps spark some momentum for a move higher in 2024. In that scenario, the next target would then be $140. Technical support here for Nike is located along the ascending trendline, currently reading $155.55. However, it is important to note that the trendline is steep, therefore, any dips below it can occur. But that wouldn’t necessarily suggest that a new bearish trend is forming as it can be short-lived. The technical indicators are positive, with the MACD on the rise and the RSI reading 65. 

Wall Street projects a potential upside of 7% to $130 over the next 12 months, with a potential downside of 27% to $88.