Nike (NKE) navigates risky waters with NFL player Colin Kaepernick

Nike (NKE) just released new ad with Colin Kaepernick with a view to honoring the 30th anniversary of the company’s “Just Do It” motto. Fred Hassan, Caret Group chairman and former CEO of Schering Plough, told CNBC that NKE’s decision to pick Kaepernick was “risky” since he was the first NFL player to kneel during the national anthem as a form of protest. Considering that many Americans who think such a protest is unpatriotic have called for boycott, the share tumbled 3.16% at USD 79.60 at close on September 4, 2018. Technical indicators currently show a strong support at USD 75 and a major resistance around USD 83, NKE’s record high explored in recent days. Given the trend, will the controversy give a BUY opportunity for longer-term investors?