Where Can Investors Slip Into Shares of Skechers?

You can't miss all the ads lately for Skechers USA's  (SKX)  slip-ons. They look comfortable and I don't have to bend over and tie them. Interesting. Has this helped the stock price?

Let's check.

In this daily bar chart of SKX, below, I can see a low made in October followed by a rally. Prices corrected their advance for about six weeks in February and March and then continued higher. SKX trades above the rising 50-day moving average line and above the bullish 200-day line. The trading volume looks like it has been more active since late October but the On-Balance-Volume (OBV) line has been stuck in a sideways to lower pattern since early 2023. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line but it has crossed to the downside for a take profit sell signal. 

In this weekly Japanese candlestick chart of SKX, below, I can see some upper shadows around $54 area telling me that traders are rejecting the highs. The weekly OBV line shows strength from the end of September. The MACD oscillator has narrowed slightly but remains well above the zero line. 

In this daily Point and Figure chart of SKX, below, I can see an upside price target in the $66 area.  

In this second Point and Figure chart of SKX, below, I used weekly price data. Here the same $66 price target is shown. 

Bottom line strategy: Traders who need something more casual for their portfolio could look to buy SKX around $50. Risk to $48. The $66 area is my price target.

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