Nike expects higher sales in China

Nike (NKE.US) stock rose over 4.5% on Thursday after JPMorgan said  China-related headwinds could be easing up even amid new lockdown restrictions, paving the way for increased sales momentum. Analyst Matthew Boss maintained an Overweight rating and $164 price target and stated Nike management sees China as "on pace" to deliver "sequential improvement." Momentum was driven by consumer response to increased product supply and marketing, he added. Nike could also continue to expand gross margin as higher demand and lower supply has given the brand better pricing power, Boss wrote.

Nike (NKE.US) stock launched today’s session with a bullish price gap and is currently testing major resistance at $134.50 which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5