akillam1

SKX - Watching with no position

NYSE:SKX   SKECHERS USA INC
SKX had a large fall after their last earnings . It has been climbing ever since with the only dips being during periods of consolidation. After a great trading day on 8/17/18, this will be looking to break above the 30.00 range. The downtrend resistance is right around this level at about 30.25 while there is some horizontal resistance sitting right around 30.00. The MACD is trying to cross back above 0 for the first time since their last earnings report. I expect a lot of resistance right around this area. The price is currently using the 9 and 21 EMA as support as they just crossed back into bullish territory. Volume has been trading below average for the last couple weeks, which is a slight sign that the current uptrend is not being supported. SKX has historically been a strong dividends stock and is getting a lot of love from budget analysts that see great upside from this point. In the short term, I am looking for another consolidation dip early this upcoming week (possibly on 8/20/18). This is because of the bearish divergence forming on the 30 min chart and the below average volume . It could dip back to 28.00, but more then likely, the 29 area should hold and bounce from there. If 29.00 support holds strong this may be a decent long entry looking for the strong break of 30.50. If this doesn't dip, then this will need some larger volume to break the 30.50 mark. This would be a sign of confirmation that this will continue to move up in hopes of a gap fill to 34 then 40 . Regardless of direction, this will likely be a slow and steady grind. Will continue to watch this week as it is approaching a strong pivot zone.

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