On top of that NKE is holding its 50-day moving average and has had several interesting recently:
-Oct. 30: Inside day
-Oct. 31: Outside day
-Nov. 5: Inside day
-Nov. 6: Outside day
Those are all potential reversal patterns. When you consider that the short-term trend was after a slide in late October, that would suggest stabilization. Not hugely compelling in isolation, but throw in the $90 support line and 50-day moving average and you have some serious confluence on the chart.
The macro backdrop is also interesting, with the positive Chinese news today. (Remember China is a key growth market for NKE .) Retail sales are next week and company are shortly before Christmas.
Black Friday is still three weeks away. Will the holiday shopping start early in NKE?