Exploring SKECHERS USA INC-CL A's Technical Signals and Breakout Potential.

We've identified SKECHERS USA INC-CL A (NYSE:SKX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:SKX for further developments.

Technical Analysis Observations

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall SKX gets a technical rating of 7 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, SKX is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• SKX is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so SKX is performing more or less in line with the market.
• In the last month SKX has a been trading in the 65.54 - 71.22 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, SKX did better than 70% of all other stocks. However, this overall performance is mostly based on the strong move around 7 months ago.
• SKX is part of the Textiles, Apparel & Luxury Goods industry. There are 50 other stocks in this industry, SKX did better than 61% of them.

Our latest full technical report of SKX contains the most current technical analsysis.

How does the Setup look for NYSE:SKX

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:SKX has a 10 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, SKX also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 68.90, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SKX in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:SKX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.