Nice Sneakers

William O’Neil followers know what it means when a company makes the cover of a major business magazine like Forbes. Just when it looks like the company is at the top of its game its stock begins to sputter after there’s no left to buy it anymore. This is the case with Nike Inc. (NKE). Nevermind what the article says. The stock has bounced off recent lows to just under its 50-day moving average. Looking at the weekly chart below we see it still has the resistance of its 40-week exponential moving average to deal with before shifting to a potential downward trend.

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