Nike Inc (NYSE: NKE) shares have been continuing to consolidate after a painful three-year downtrend that finally looks to be running out of steam. 2021's all-time high seems a long way away now, with shares nearly 60% lower and back at 2018 levels. However, there are plenty of reasons to think the bears are on the verge of throwing in the towel, which could make Nike the sneakily best buy heading into February.
As we head into the first couple of weeks of the year, the broader market is trading just below all-time highs, as seen with the S&P 500 index, and investors are still fond of equities. These macro factors are contributing to a risk-on sentiment that should fuel investor interest in stocks that are still playing catch-up on last year, which is exactly what Nike is offering right now.
