Account

New to ADSS? Open an
account now to get started.

OR

Already have an account?

Add funds to your ADSS account

Account

New to ADSS? Open an
account now to get started.

Add funds to your ADSS account

Trends & Analysis
News

Gold surges amid US-Iran deal prospects

News

Dow hits record closing high on US-Iran peace deal hopes

News

Nvidia’s stock dips despite Q1 beat, strong forecast

News

CAD falls versus USD following inflation data

News

Gold rises as Trump postpones Iran attack

News

Crude oil surges amid stalled US-Iran peace talks

Trends & Analysis
News

Gold surges amid US-Iran deal prospects

News

Dow hits record closing high on US-Iran peace deal hopes

News

Nvidia’s stock dips despite Q1 beat, strong forecast

News

CAD falls versus USD following inflation data

News

Gold rises as Trump postpones Iran attack

News

Crude oil surges amid stalled US-Iran peace talks

Breadcrumb navigation close

Asset Watch

Is Nike a long-term slam dunk?

Thursday, June 22, 2023

With S&P 500 seasonality highly bearish until near the end of June, the correction continued on Jun. 20. However, as the short-term weakness often gives way to higher highs in July, several stocks could be on sale over the next two weeks.

 

As one to watch, UBS analyst Jay Sole wrote on Jun. 20 that Nike could report disappointing guidance, adding, “We anticipate this type of guide causes the market to revise its NKE earnings expectations lower.” Yet, while the stock declined by 3.61% to $109.54, he reiterated his buy rating and has a price target of $145. Despite investors’ hasty reaction, a realisation implies a more than 30% upside from the Jun. 20 close.

 

Though Nike’s technicals remain murky, brighter days could emerge in the weeks and months ahead. On the one hand, Nike faces resistance at its 50-week moving average, and the stock sold off after a false breakout occurred last week.

But outside of the pandemic-induced decline, the 50-week MA has been reliable support since 2019, and the strength is even more formidable when the 50-week MA is trending higher.

However, the January 2023 breakout occurred with the 50-week MA trending lower, and Nike couldn’t hold it. So even though the metric moves sideways and attempts an upward turn, the next breakout could solidify a bull run.

Will Nike a “buy stock” over the next couple of weeks, or will the recent downtrend persist?


© ADSS 2026


Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.

ADS Securities L.L.C – S.P.C (“ADSS”), a limited liability company – sole proprietorship company incorporated under United Arab Emirates law. Registered under Commercial License No.1190047. ADS Securities L.L.C S.P.C is regulated and authorised in the UAE by the Capital Market Authority (CMA) under Category 1 License No.305027 (Trading Broker, Trading and Clearing Broker, Trading Broker in the International Markets, Trading Broker of OTC Derivatives and Currencies in the Spot Market, Financial Products Dealer) and Category 5 License No.20200000217 (Introduction). Registered Office: 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.

The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.

ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.