Nike stock flew up like a cannonball

  • Jun 29 2021
  • by
  • Analyst AZA
Nike stock flew up like a cannonball

Nike stock flew up like a cannonball

The balance in Nike's business has changed dramatically.
Nike made billions of its own with wholesale partners such as department stores, family stores, sporting goods specialists, and other retailers that Nike has partnered with for a long time in selling its products to customers. In 2011, approximately 84% of Nike brand sales were to wholesalers. Direct sales to customers through Nike's stores and website accounted for just 16% of its turnover. This balance changed quickly. Nike's direct-to-consumer sales have now accelerated both last year and this year as the company's overall business recovered from the pandemic. In 2021, sales grew by about 39%, with wholesales accounting for about 61%.

Nike stock soared 3 days ago with a huge gap of more than 1,500 pips to break the all-time high of 148.00, create a new high of 154.40 and consolidate at 152.00. Such sharp price movements do not happen often and we recommend all medium-term traders of the stock market to pay attention to this. Taking into account that the price did not begin to fall, it can be assumed that the price growth will continue. There is a good opportunity to open a pending order to break a new historical high with little risk. We recommend opening a position when the price breaks out at 155.00 with an arbitrary Take Profit, which can be placed at an even level of 157.00. This is the minimum target that can be earned on this trade. The second take profit level can be much higher and the price can rise to $ 160.00 per share.

Symbol: NIKE
Order Type: Pending Order - Buy Stop
Entry Price at 155.00
Take Profit at 157.00
Pips Earning: 200

The result of a trade recommendation. The share price reached the Take Profit level a day later and then increased further.

The share price reached the Take Profit level a day later and then increased further.

 

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The profit can be $200.00 if the trading volume of 100 Shares.

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