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Skechers USA Inc (NYSE: SKX) shares are trading lower by $2.17 (9.4 percent) at $21.06 in Wednesday's' session. The catalyst for the decline is a downgrade from Morgan Stanley.
Whether or not one puts much faith in the ratings of Wall Street analysts, it's hard not to recognize the impact they can have on an issue.
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Especially when the issue is in a technically vulnerable state, as Skechers was heading into today's session. After making a 1 1/2-year half low in August at $22.50, the issue pierced that low this month, reaching $22.44 before mounting a rebound to $23.
The muted bounce off the lows gave bulls scant hope that a double bottom was in place and the issue may have a sustained rebound. Bears were content with the muted bounce banking on it being only matter of time before the pair of lows was breached.
As it turns out, Morgan Stanley has provided the catalyst, and the former support level has turned into resistance in today's session; $22.35 stands at current high vs. the former support of $22.44.
A lesson learned from today's action: When a weak issue makes a new low, it's time to go.
Based on the daily chart, the next area of minor support comes in at its February 12, 2015 low ($21.17). Major support in the issue does not come in until the pair of lows from February 10, 2015 ($19.610) and February 16, 2015 ($19.51).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.