TBI's Thoughts [11]: Crocs (NASDAQ: CROX)... Is the Alligator Ready to Pounce?

Hi everyone. Today I’ll be updating my TA on a footwear company that I’ve covered previously:

Crocs, Inc. (NASDAQ: CROX)

CROX has been in a long-term uptrend since 2008, with a series of higher highs and higher lows and a long-term support trendline (in purple).

It has been consolidating in a pennant formation since 2021, including a failed breakout in Apr’23. However, in Mar’24, CROX finally broke out of consolidation. It is now retesting the breakout from above and coming back into the 104.62 level, which was a gap-up level that has previously acted as support.

The thesis is simple - if 104.62 holds, then we can expect a move back to ATH next. However, if 104.62 fails, then we are headed back into 96.02 gap-up support and subsequently back to the daily POC which currently sits around 77.22.

However, why spend so much time consolidating for it to collapse?

Upside Target: New ATHs

Invalidation: Sustained Closes below 104.62 (why sustained? because of the possibility of a bull trap/fake out below support)

$Crocs(CROX)$ $Deckers Outdoor(DECK)$ $Nike(NKE)$ $SPDR S&P 500 ETF Trust(SPY)$ $Consumer Discretionary Select Sector SPDR Fund(XLY)$

@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger

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TBI's Thoughts [11]: Crocs (NASDAQ: CROX)... Is the Alligator Ready to Pounce?

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