Nike Inc.(NKE) to test higher resistance level

Nike Inc.'s (NYSE: NKE) fiscal first-quarter profit inched up as savings from job cuts earlier this year offset lower revenue, while orders continued to decline. Profits of NIKE Inc. (NKE) exceeded analysts' estimates and NKE  also said it expects cost cutting to dominate results for the near future. NKE, after closing at $60 with high volumes ahead of results, is likely to breach higher levels and could find next resistance at $64, from where its 20 days and 50 days moving average started losing ground few months back.