Nike holding strong near January’s highs.

Nike holding strong near January’s highs

The US markets found some stability following the strong selloff we had from the internet blackout we experienced on Monday. The Dow, Nasdaq and S&P all found some stability as the market ranges around strong support levels pending the NFP announcement.

 ADP Non-Farm Employment change beat expectations as the actuals came out significantly higher than expectations with 568 000 new private-sector jobs being created, pushing some much-needed positivity into the equity market.

This may very well be an indication of some strong NFP figures set for release on Friday, given that ADP has not exceeded expectations since June.

Yesterday’s movers:

Stocks to watch:

Nike Inc (NKE)

Following a mixed earning report that exceed Earnings per share, however, missed the revenue expectations, with Wedbush listing Nike as top of the list of favourite apparel stocks the market held the 200-day moving average well to edge higher.

Technically we had a strong selloff over the last two months seeing price decline from $174 to $144 to find dynamic support on the 200-day moving average as well as a strong support level on January’s highs.

Given support holds firm a likely recovery to $156 should be on the cards for the near term, however, if this is the much-needed retracement that we were looking for new highs throughout the next couple of quarters.

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