SHOO experienced a significant upsurge, climbing from $30.35 to $44.23 from September to December, followed by a typical pullback of approximately 10.67% from its peak to a low of $39.45.
This correction is viewed positively as it likely indicates the elimination of less committed investors.
Notably, on February 7th, SHOO's price action dipped below the January 4th low before swiftly rebounding close to its previous highs. Such movements suggest a potential setup for a pivot point, expected to form within a few days to a week.
BUY POINT
Indeed, SHOO broke out to new highs on February 23rd, entering at $44.40. Our current stop loss is set at $42.00, presenting a risk of -4.74%. A Reversal alert was activated by the day's end, which is typical; we anticipate the price to surpass this level shortly. With earnings announced next week, having a buffer to maintain the position through the report would be advantageous.
This correction is viewed positively as it likely indicates the elimination of less committed investors.
Notably, on February 7th, SHOO's price action dipped below the January 4th low before swiftly rebounding close to its previous highs. Such movements suggest a potential setup for a pivot point, expected to form within a few days to a week.
BUY POINT
Indeed, SHOO broke out to new highs on February 23rd, entering at $44.40. Our current stop loss is set at $42.00, presenting a risk of -4.74%. A Reversal alert was activated by the day's end, which is typical; we anticipate the price to surpass this level shortly. With earnings announced next week, having a buffer to maintain the position through the report would be advantageous.
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