Skechers USA Inc Stock Forecast
Skechers USA Inc stock upgraded to Buy Candidate.
(Updated on Apr 30, 2024)
The Skechers USA Inc stock price fell by -0.212% on the last day (Tuesday, 30th Apr 2024) from $66.19 to $66.05. During the last trading day the stock fluctuated 2.26% from a day low at $65.04 to a day high of $66.51. The price has been going up and down for this period, and there has been a 15.09% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -419 thousand shares and in total, 2 million shares were bought and sold for approximately $133.82 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $66.19 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Skechers USA Inc stock with a 90% probability to be traded between $56.01 and $66.03 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SKX Signals & Forecast
The Skechers USA Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $61.90 and $59.73. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -0.212%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Skechers USA Inc stock
Skechers USA Inc finds support from accumulated volume at $65.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.47 between high and low, or 2.26%. For the last week, the stock has had daily average volatility of 3.06%.
The Skechers USA Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $63.74 (-3.50%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (SKX) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Skechers USA Inc to open at $65.87, and during the day (based on 14 day Average True Range), to move between $64.07 and $68.03, which gives a possible trading interval of +/-$1.98 (+/-3.00%) up or down from last closing price. If Skechers USA Inc takes out the full calculated possible swing range there will be an estimated 5.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $66.19 (0.21%) than the support at $65.41 (0.97%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Skechers USA Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Skechers USA Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.034 Buy Candidate Upgraded
Predicted Opening Price for Skechers USA Inc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $65.87 ( 0.278%) | $66.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.34 | 1.95 % | |
| R2 | 66.78 | 1.10 % | ||
| R1 | 66.43 | 0.573 % | ||
| Current price: | 66.05 | |||
| Support | S1 | 65.31 | -1.13 % | |
| S2 | 64.96 | -1.65 % | ||
| S3 | 64.40 | -2.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 66.19 | 0.212 % | ||
| Current price | 66.05 | |||
| Support | S1 | 65.41 | -0.97% | |
| S2 | 57.04 | -13.64% | ||
| S3 | 56.41 | -14.60% |
FAQ
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