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

By Nick Russo

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 $29.03 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 $21.45 and a high of $35.66 and are now at $29.03, 35% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Skechers Usa-A has overhead space with shares priced $29.03, or 31.0% below the average consensus analyst price target of $42.10. The stock should hit resistance at its 50-day moving average (MA) of $31.76, as well as support at its 200-day MA of $28.78.

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 inside day candle skechers usa-a

Ticker(s): SKX