Trade Alert - Skechers at New Highs

Published on Monday, 11 June 2012 15:34 Written by TradersHuddle Wire

New York, June 11th (TradersHuddle.com) - Shares of Skechers U.S.A., Inc. (NYSE:SKX) booked a new 52 week high today by trading above $19.42, traders are definitely monitoring Skechers' price action to see if this move attracts further buying into the stock.

Skechers U.S.A., Inc. (NYSE:SKX) designs, develops, markets and distributes branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.

Skechers is currently trading 3.47% versus its previous trading session close, and it has calculated support and resistance at $15.95 and $17.87 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.88% from its previous trading close, which means that Skechers stock is outperforming the overall market.