Is Skechers Trade Over?

skx New York, January 21st (TradersHuddle.com) - Shares of Skechers U.S.A., Inc. (NYSE:SKX) ended the trading session lower by $0.38 or -2.02% from its previous close. Skechers' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

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' current stock range is determined by calculated support defined at $17.02 and by the resistance level at $19.29, which should be used by traders planning their next move.

If traders want to establish a position in Skechers, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Skechers for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

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o Dow Jones 17,299.84 ▼117.01 (-0.67%)
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INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,299.84 Trade time:11:59AM EST Value change:▼117.01 (-0.67%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,007.54 Trade time:11:59AM EST Value change:▼13.71 (-0.68%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,674.32 Trade time:11:59AM EST Value change:▼9.08 (-0.19%)
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