Stock Of The Day: Here's Why The Nike Rally Stalled Out

Shares of NIKE, Inc. NKE are rallying after the company appointed Elliott Hill as its new CEO, aiming to rejuvenate sales by mending ties with retailers.But as you can see on the chart, the shares ran into resistance around $88.50. This isn't a surprise. It's why our team of trading experts has made it our Stock of the Day.There is resistance around the $88.50 level because it was support in April. Price levels that had previously been support can convert into resistance. This is a common occurrence not jus ...