Nike shares close lower on Wednesday, company inks long-term extension of partnership with the NFL

The National Football League said it had signed a long-term extension of its partnership with Nike Inc. According to a report by CNN, the contract will have a period of eight years and will come into force after the expiry of the current deal in 2020.

Nike shares closed lower for the first time in the past four trading sessions on Wednesday. The stock went down 1.10% ($0.73) to $65.44, with the intraday high and the intraday low being at $67.15 and $65.29 respectively.

In the week ended on March 25th the shares of the athletic apparel manufacturer lost 1.94% of their market value compared to a week ago, which marked a second consecutive period of decrease.

The stock has extended its loss to 2.37% so far during the current month, following a 1.74% slump in February. The latter has been the first monthly retreat since September 2017.

For the entire past year, the shares of the NYSE-listed manufacturer rose 23.06% following an 18.67% slump in 2016.

Under the terms of the agreement, Nike will remain provider of uniforms and sideline apparel to all 32 teams in the National Football League.

Nike footwear and gloves will also be provided to players who have contracted with the company.

“Nike has been a long-time and trusted partner of NFL and were thrilled to extend our relationship with them”, Brian Rolapp, chief media and business officer for the NFL, was quoted as saying by SportsPro.

“The NFL and Nike are a powerful combination and we anticipate working closely with them on several programs, including youth and player initiatives”, he added.

According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Nike Incs stock price, have a median target of $68.00, with a high estimate of $79.00 and a low estimate of $42.00. The median estimate is a 3.91% surge compared to the closing price of $65.44 on March 28th.

The same media also reported that 16 out of 37 surveyed investment analysts had rated Nike Incs stock as “Hold”, while 15 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Nike stock are presented as follows:

R1 – $65.61
R2 – $65.78
R3 (Range Resistance – Sell) – $65.95
R4 (Long Breakout) – $66.46
R5 (Breakout Target 1) – $67.06
R6 (Breakout Target 2) – $67.30

S1 – $65.27
S2 – $65.10
S3 (Range Support – Buy) – $64.93
S4 (Short Breakout) – $64.42
S5 (Breakout Target 1) – $63.82
S6 (Breakout Target 2) – $63.58

By using the traditional method of calculation, the weekly levels of importance for Nike Inc (NKE) are presented as follows:

Central Pivot Point – $65.36
R1 – $66.49
R2 – $68.35
R3 – $69.48
R4 – $70.61

S1 – $63.50
S2 – $62.37
S3 – $60.51
S4 – $58.65