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Possible Bearish Inside Day Candle Pattern Detected for Skechers Usa-A (NYSE:SKX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Skechers Usa-A (NYSE:SKX) based on the price action in the company's shares. Today's price range of $29.03 and $29.39 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Skechers Usa-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Skechers Usa-A share prices have been bracketed by a low of $23.90 and a high of $43.08 and are now at $29.31, 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.2% while the 200-day MA has remained constant.

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children. The Company sells its products to department stores and specialty retailers. Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

Skechers Usa-A (NYSE:SKX) has potential upside of 43.6% based on a current price of $29.31 and analysts' consensus price target of $42.10. The stock should find initial resistance at its 50-day moving average (MA) of $31.81 and further resistance at its 200-day MA of $33.91.

SmarTrend recommended that its subscribers protect gains by selling shares of Skechers Usa-A on April 20th, 2018 by issuing a Downtrend alert when the shares were trading at $30.96. Since that call, shares of Skechers Usa-A have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle skechers usa-a

Ticker(s): SKX