Buy More Shoes!
- Posted by Greg Harmon
- on August 29th, 2012
It does not matter what kind. High heels, sneakers, flipflops, the shoe space is on fire. Take a look at these 4 shoe stocks.
Croc’s, $CROX, is building a bull flag with a top at 18. It has support for continued upside from a bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is positive and averted a cross to negative. The Measured Move on the flag break higher takes it to 19.75 just above the next major resistance at 19.30. (Disclosure: I am long the stock)
DSW, $DSW, broke above resistance at 62 and consolidated that move between 64 and 64.50 before a start higher Wednesday. The Measured Move higher takes it to 70.50 and the RSI and MACD are supportive of more upside.
Steve Madden, $SHOO
Steve Madden, $SHOO, is building a symmetrical triangle after a move higher from a basing between 40 and 41. A break of the triangle higher carries a target on the pattern to 44.50. Be a little careful with this one as the MACD is starting to move negative.
Skechers, $SKX, may be the best of the lot. Building a bull flag between 21.75 and 22.25 it has a Measured Move higher to 24.50. The RSI is moving back higher and the MACD is positive.
Look for a break above the patterns as an entry and then feel free to try on several different pairs. For more details, or interesting options plays on these names and more mixed with expert macro analysis, join the premium service.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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