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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- Ph2046·11-05New ATH >165??1Report