My buddy Ufredo did very well buying this one a few days back.
Synopsis: RSI, Stoch, MACD all point to up trend. (Strong signal) Fibonacci confirms strong levels of support (26.70) and Resistance Pitchfork showing downward and sideways trend, with price on the median. Fib arcs show upcoming resistance zones (counting one we just entered) I labeled the action reaction lines to help better understand what I was and am...
Expected 10% rally in by 02/19/2016; strictly technical; BUY right before market close.
This is a bullish retest gap. I very rarely trade them. They need to have exact set ups and this one has it..
"Trying to pick the bottom on SKX. Not denying that BUT based on the extension from the 10 ema, should pull back to it. IF triggered into this trade, it SHOULD work immediately if it's going to. Therefore, we can get out if it doesn't work in 1-2 days.
Buying pressure was high after the drop and considering it was much of an overreaction by the market, given the earnings report was decent, this price should start rising again. thepatternsite.com thepatternsite.com
Moonwalking bulldog commercials are the key to insane parabolic moves.
Don't be that person. Remember, buy low, sell high. SKX is now low. Appears to be very parabolic. Newsome has tried to pick the top on this and got triggered in ONCE for a 1R loss... If a good gap dos occur, I will try one mo gin Keep in mind, if a Wave 4 happens, SKX could just trade sideways. this bubble doesn't have to pop in a fun way.. : )
The only time I pick "the top" is when the stock has a gap and some kind of edge on either the hourly or daily. This could be a very fast gap. Options are "ok" on this stock. Kind of spready. Look for Monday's chart on the "don't be that guy to buy" perspective
$SKX gapped up today to fresh all-time highs after reporting earnings. It closed just under $150. Since $SKX initially broke out of the 3 weeks tight pattern we highlighted on the Ready List back on 4/18, it has more than doubled in price. With this being a potential exhaustion gap (largest daily price advance on heavy volume) its possible that $SKX may need a...