Sketch a Good Setup for Skechers
Skechers, a lifestyle footwear firm, always seems to get lost in the shuffle among the FL NKE UAA of the world in the retail space, as traders usually do not create too much buzz about the name.
However, one of our Members noted the improved action here yesterday. And when we observe the daily chart, below, it is clear that this is a well-defined setup to potentially break higher over $28.
SKX has actually been in a strong corrective pattern since August 2015, with plenty of sideways churning action along the way, too.
But as you can see, if the name can break and hold over $28, it would add credence for some type of base bottoming formation. Combining that with the market permitting select retail winners, like FL and now TIF this morning after earnings, SKX ought to be on the radar for a move back a bit more towards the spotlight.