3 Best Sports Stocks On the Rise

From heart-pounding highs to sweat-inducing lows, these three apparel stocks are well-suited for trading…

This story was originally published here.

A forced timeout stopped neither bulls nor bears from participating in sports apparel stocks. But for today’s investors, is now a better time to buy or sell? Let’s look at the current champs on Wall Street, and where each stands off and on the price chart before breaking out the pompoms.

The novel coronavirus has devastated individuals, businesses and economies around the world. It’s also hit our love of sports from every imaginable angle.

For some, that’s meant a closed gym. For others, Covid-19 has prevented going for a trail run or hike on public lands shuttered by the pandemic. And of course, individual and team sports from recreational endeavors and all the way to the big leagues have been disrupted for participants and spectators alike

Yet, despite the near universal stoppage time and reduced load of sweaty clothes to wash and wear, many sports apparel stocks have been on an inexplicable tear. Others, more logically so, haven’t.

In the end champion stocks cheered on by today’s investors, and those booed like the NY Jets, aren’t future guarantees for bulls and bears that find themselves on the right side of action. The trend is your friend until it’s not. And sometimes you’ll find a hidden gem buried in the bargain bin.

Sports Apparel Stocks to Trade: Nike (NKE)

Source: Charts by TradingView

The first of our sports apparel stocks to trade are shares of Nike. Right now the world’s largest retail sports brand looks ready to grow even bigger based on the price chart, setting the stock as a clear “buy,”

Technically, the sporting goods giant’s shares have formed a ‘V-like’ bottom on the monthly chart. It’s a type of base often seen as less durable than a bottom developed over the longer-term. But Nike’s panic low was also a very well-supported (and successful) test of both its long-term uptrend and a pair of key Fibonacci levels. And there’s more too.

With a bullish stochastics crossover now signaling inside neutral territory and an earnings catalyst next Thursday, the consensus is that this apparel stock is well-positioned to breakout.

For investors looking to play this apparel stock for upside, one favored options strategy to limit and reduce risk, as well as offer realistic but big-time profit potential is the July $105 / $110 bull call spread.

Editor's Note: Click here for the other two stocks.

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