Crocs Inc. (CROX stock) price fell through the vital support zone of $100, signaling the entry of bears on the floor.
Moreover, the chart shows a head and shoulder pattern favoring the bears. It indicates a negative outlook, suggesting that follow-through selling will continue and CROX stock will likely retest $80 in the upcoming sessions.
Furthermore, CROX share price is now below key moving averages and with the momentum fading.
CROX stock shows a reversal from the top, indicating that the stock is now pushing for a correction and exhibits a plunge in the past sessions. Furthermore, the adverse impact is also because the Q2 earnings results were not as per estimates, motivating bears.
CROX share is trading above the neutrality and the 61.8% Fib level, which shows that the price is still holding the bull territory and trying for a pullback to possess the swing of $100. Buyers are now in fear and are accumulating to retain the momentum, whereas aggressive short buildups were noted, showing that the bears are attaining strength.
At press time, CROX stock price was $95.56 with an intraday gain of 0.48%, attempting a pullback in yesterday’s session. However, the trading volume remained average at 1.01 Million, and the market cap is $5.891 Billion. However, analysts maintained a buy and outperform rating with a yearly target price of $137.50, suggesting a strong growth outlook.
About Crocs Inc. (CROX Stock)
Crocs, Inc. is engaged in the design, development, manufacturing, worldwide marketing, sale, and distribution of casual footwear and accessories for men, women, and children.
It operates through the following segments: North America, Asia Pacific, Europe, Middle East, Africa, and Latin America (EMEALA), and HEY DUDE Brand. The company was founded by Scott Seamans, George B. Boedecker, Jr., and Lyndon V. Hanson III in 2002 and is headquartered in Broomfield, CO.
CROX Stock Suggests Correction On Daily Charts
CROX stock price has now slipped below $100, and the trendline breakdown indicates selling pressure on the charts. Moreover, the bearish head and shoulder pattern pushes the bulls for a pullback.
The lower trajectory is near $80, which sellers tred to visit in the following sessions. If bulls retain the swing of $100, a short covering move will likely be seen toward $120. Conversely, if it slips below $90, a sharp fall toward $80 can also be anticipated.
The RSI curve slipped to the oversold region and showed a negative crossover, indicating selling pressure on the charts. The MACD indicator showed a bearish crossover suggesting that follow-on selling toward $85 can be anticipated in the following sessions.
Summary
CROX stock price went below $100 post a trendline breakdown indicating the start of a correction toward $80 in the following sessions. Moreover, the negative sentiments are favoring the bears. The buyers are afraid, and have started to unwind their positions, resulting in the fall if the price sustains near $95 and retains the swing of $100. A bounce toward $110 can also be seen.
Technical Levels
Support Levels: $90 and $82
Resistance Levels: $105 and $115
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/26/crocs-inc-crox-stock-bulls-in-dread-crox-hauled-below-100/