Nike has taken a long pause, but now the sneaker giant may be trying to break out with earnings due Thursday afternoon.
NKE beat estimates on December 21, eliciting a wave of bullish analyst notes. However the stock rallied before the report, and proceeded to ease lower for the next 2-1/2 months.
The result has been a price channel with a slight downward slope. Given its big run off last year’s, that’s starting to resemble a long bullish flag. (Notice the similar pattern between September and November – also following a strong quarterly report.)