Skechers Stock Could Attempt Another Run at 1-Year Highs

Year-to-date, SKX is already up 21%

Fernanda Horner

Digital Content Manager

Jun 27, 2023 at 3:15 PM

Skechers USA Inc (NYSE:SKX) is up 0.9% at $50.73 at last check, while sporting a 21% year-to-date lead. The security recently pulled back from an attempt to conquer its May 15, one-year high of $54.77, but the $50 region is providing support. What's more, Skechers USA stock's last dip brought it closer to a trendline with historically bullish implications.

According to Schaeffer's Senior Quantitative Analyst Rocky White, SKX is within one standard deviation of its 80-day moving average. Over the past three years, the shares have seen four similar signals, and were positive one month later 100% of those times to average a 5.4% gain. A move of comparable magnitude would put the equity back above $53.

The security boasts affordable premiums at the moment, making this an excellent opportunity to bet on its next move with options. In fact, its Schaeffer's Volatility Index (SVI) of 29% ranks at the extremely low 4th percentile of readings from the past year.

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