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4 Shoe Stocks With Legs

ByDragonfly Capital
AuthorGregory W. Harmon
Published 08/30/2012, 01:40 AM
Updated 05/14/2017, 06:45 AM
CROX
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SHOO
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SKX
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RSI
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Buy more shoes. It does not matter what kind. High heels, sneakers, flipflops, the shoe space is on fire. Take a look at these 4 shoe stocks:

Crocs (CROX)
CROX CHART
Crocs 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.

DSW (DSW)
DSW CHART
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)
SHOO CHART
Steve Madden 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)
SKX CHART

Skechers 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.

Disclosure: I am long CROX

Disclaimer: This information 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, please see my Disclaimer page for my full disclaimer.

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