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

By James Quinn

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 $38.17 and $39.08 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.

There is potential upside of 23.2% for shares of Skechers Usa-A based on a current price of $38.79 and an average consensus analyst price target of $47.80. The stock should find initial support at its 200-day moving average (MA) of $30.43 and further support at its 50-day MA of $29.45.

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.

In the past 52 weeks, shares of Skechers Usa-A have traded between a low of $18.81 and a high of $42.73 and closed yesterday at $38.79, which is 106% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.4%.

SmarTrend recommended that subscribers consider buying shares of Skechers Usa-A on October 20th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.20. Since that recommendation, shares of Skechers Usa-A have risen 18.1%. We continue to monitor SKX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle skechers usa-a

Ticker(s): SKX