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

By David Diaz

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. Yesterday's price range of $25.99 and $26.91 is within the prior day'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, shares of Skechers Usa-A have traded between a low of $21.45 and a high of $43.08 and closed yesterday at $26.59, which is 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 1.2%.

Potential upside of 58.3% exists for Skechers Usa-A, based on a current level of $26.59 and analysts' average consensus price target of $42.10. The stock should hit resistance at its 200-day moving average (MA) of $28.65, as well as support at its 50-day MA of $25.42.

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.

SmarTrend is monitoring the recent change of momentum in Skechers Usa-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Skechers Usa-A in search of a potential trend change.

Keywords: bearish am inside day candle skechers usa-a

Ticker(s): SKX