Nike, Inc. (‘NKE’)Shares of Nike, Inc. (symbol ‘NKE’) have managed to have an overall balanced performance throughout the quarter but have declined around 7% since the beginning of the month. The company’s earnings report for the fiscal quarter ending August 2023 is due for release on Thursday 28th of September , after market close. The consensus EPS is $0.73, against $0.93 of the same quarter last year.
‘ The company has a relatively positive financial image to display with the total assets outweighing the total liabilities at a ratio of 1.6 : 1 while the current ratio is at an outstanding 272% meaning that the company has the ability to repay its short term liabilities with the assets currently in possession. On the other hand the debt makes up for around 38% of the total liabilities which is generally not very good news for investors. ‘ said Antreas Themistokleous, trading specialist at Exness.
From the technical analysis perspective the price is trading below all the technical indicators of moving averages and the bearish trendline making the outlook in the near short term rather bearish. The faster moving average (50 days) is trading well below the slower one ( 200 days) further validating the bearish narrative for the company share.
On the contrary the Stochastic oscillator is in the extreme oversold territory while the lower band of the Bollinger bands could act as a short term support level. Both of this indications could point to a minor correction to the upside but nothing major at least for the coming sessions.
