Skechers USA Inc Stock Forecast
Stronger technical forecast for Skechers USA Inc stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The Skechers USA Inc stock price gained 2.83% on the last trading day (Tuesday, 23rd Apr 2024), rising from $58.01 to $59.65. During the last trading day the stock fluctuated 3.28% from a day low at $57.89 to a day high of $59.79. The price has been going up and down for this period, and there has been a 2.58% gain for the last 2 weeks. Volume fell on the last day by -16 thousand shares and in total, 2 million shares were bought and sold for approximately $109.47 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $60.51 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.92% during the next 3 months and, with a 90% probability hold a price between $51.59 and $57.53 at the end of this 3-month period. 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
Mostly positive signals in the chart today. The Skechers USA Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $57.33 and $59.37. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 6.20%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Skechers USA Inc stock
Skechers USA Inc finds support from accumulated volume at $58.17 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 $1.90 between high and low, or 3.28%. For the last week, the stock has had daily average volatility of 2.42%.
Our recommended stop-loss: $57.40 (-3.77%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (SKX) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Skechers USA Inc to open at $59.11, and during the day (based on 14 day Average True Range), to move between $58.24 and $61.06, which gives a possible trading interval of +/-$1.41 (+/-2.37%) up or down from last closing price. If Skechers USA Inc takes out the full calculated possible swing range there will be an estimated 4.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $60.05 (0.67%) than the support at $58.17 (2.48%), 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.
Earnings coming up
Skechers USA Inc will release earnings AMC on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.10. We will update the financials statements for Skechers USA Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.98% in the first trading day after earnings release.
Is Skechers USA Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.092 Buy Candidate Upgraded
Predicted Opening Price for Skechers USA Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $59.11 ( 0.91%) | $59.65 |
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 | 61.01 | 2.27 % | |
| R2 | 60.28 | 1.06 % | ||
| R1 | 59.83 | 0.306 % | ||
| Current price: | 59.65 | |||
| Support | S1 | 58.38 | -2.13 % | |
| S2 | 57.93 | -2.88 % | ||
| S3 | 57.21 | -4.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 63.84 | 7.02 % | |
| R2 | 63.60 | 6.62 % | ||
| R1 | 60.05 | 0.671 % | ||
| Current price | 59.65 | |||
| Support | S1 | 58.17 | -2.48% | |
| S2 | 57.04 | -4.38% | ||
| S3 | 56.41 | -5.43% |
FAQ
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