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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $26.13 and $26.49 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. Traders and investors interested in shares of Skechers Usa-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Over the past year, Skechers Usa-A has traded in a range of $18.81 to $32.71 and closed yesterday at $26.43, 41% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.4%.

Skechers Usa-A has overhead space with shares priced $26.43, or 14.0% below the average consensus analyst price target of $30.75. The stock should find initial resistance at its 50-day moving average (MA) of $29.45 and further resistance at its 200-day MA of $30.43.

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: bullish am inside day candle skechers usa-a

Ticker(s): SKX