Nike stock (NKE) closed the most recent trading session at $105.30, reflecting a marginal daily gain of 1.86%. This change was less pronounced than the daily increase of 0.36% for the S&P 500. On the contrary, the Nasdaq 100 encountered an increase of 0.16%.

As of today, Nike stock (NKE) has appreciated by 2.93% in value over the previous month. The Consumer Discretionary sector increased by 3.27% during the same period, surpassing the S&P 500's gain of 3.56%.

NKE Investors Await Earnings Report

Precipitously awaited by market participants is Nike's forthcoming financial report. The company's earnings per share (EPS) is expected to be $0.72 by analysts, representing an 8.86% decrease compared to the corresponding quarter of the previous year. Following the most recent consensus estimate, quarterly revenue will be $12.35 billion, a decrease of 0.34% from the prior year.

Investors are urged to monitor any recent adjustments to Nike analyst projections closely. These revisions frequently mirror shifts in immediate business patterns. It also indicates the analysts' perspective on the operational performance and potential for generating profits for the company.

Nike Stock (NKE) Key Metrics

Nike is assessed at a Forward P/E ratio of 29, which signifies a higher valuation than the sector mean of 14.14.

In addition, Nike's PEG ratio is 1.92, which considers the anticipated trajectory of the company's earnings growth. On the other hand, shoes and retail apparel companies have an average PEG ratio of 1.88 as of the close of trading yesterday.

Nike Stock (NKE) Technical Analysis

In the daily chart of NKE stock price, the long-term price remained sideways within a symmetrical triangle pattern, where the daily price is above the 97.79 crucial support. In that case, a bullish range extension could be a long opportunity, where the main aim would be to test the 120.00 resistance level.

The dynamic 20-day EMA is closer to the current price, while the rising trendline support is a bullish confluence. Moreover, the significant high volume level since September 2023 is still above the current price, which needs to be overcome before forming a stable market trend.

Based on this outlook, a downside correction and a bullish rejection from the 97.79 to 90.00 area could be a long opportunity, targeting the 122.00 level. Moreover, an aggressive approach is to find a daily close above the 107.80 high volume level and open a long position.

On the bearish side, a strong selling pressure with a daily candle below the 88.71 level could eliminate the long opportunity and open the room for reaching the 60.00 area.

*Disclaimer: The content of this article is for learning purposes only and does not represent the official position of VSTAR, nor can it be used as investment advice.