Just the other day, we highlighted an opportunity in Nike (NKE).That was after Apple’s Tim Cook bought $3 million worth of Nike stock. Cook, who has been on the NKE board since 2005, bought 50,000 shares at an average price of $58.97 a share. 
Robert Swan, another Nike director, purchased approximately $500,000 of stock on December 22 at an average price of $57.54.  The stock is now seeing even more upside on news that Nike CEO Elliott Hill bought 16,400 shares for about $1 million. That follows Nike’s struggles with China sales, declining gross margins, and a cautious outlook. 

Technically, after catching strong support at about $57, the oversold shoe giant is starting to pivot higher. Last trading at $62, it’s also starting to pivot from overextensions on RSI, MACD, and Williams’ %R. From here, we’d like to see it initially refill its bearish gap at around $66.20 a share over the next few days.

Here’s to a successful New Year.

Sincerely,

Ian Cooper