Shares in Nike were up more than 4% in pre-market trading directly after announcing a huge earnings and sales beat that topped analyst estimates.

Earnings per share came in at 93 cents versus an expected 51 cents per share. Revenue also increased to $12.34 billion against an expected $11.01 billion. Income and sales also rose.

The company has benefitted from consumers wanting to wear comfortable clothing for more workouts during lockdown as well as for remote working.

Source: Admirals MetaTrader 5, NKE, Weekly – Data range: from Mar 6, 2016, to Jun 24, 2021, performed on Jun 24, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.

From a technical analysis perspective, Nike shares have been in a consolidation since the beginning of the year and after a near 150% surge higher since the pandemic lows of March 2020.

The price is now just a few percentage points away from the previous record high of around $148.00. This is likely to be a target level for short-term bulls, but if the price can stay above this then it could be the beginning of a much bigger move higher.

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