Skechers Stock Could Attempt Another Run at 1-Year Highs

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

Digital Content Manager
Jun 27, 2023 at 3:15 PM
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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.

SKX 80 Day 

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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