Crocs Finally Breaks $30

The breakout in Crocs (CROX) is worth noting. The stock was finally able to close above $30 resistance on Tuesday, and followed through above that level in Wednesday's trading session. For the first time in over three weeks, the stock finally closed above this resistance on two consecutive days.

On Wednesday, Crocs was higher by $1.79, or 5.85%, to $32.40 on moderate volume of 4.4 million shares, and gained some momentum as traders flocked to catch the breakout. What probably contributed to the rally, was some covering of the decent-sized short position in the stock. Of the 71.28 million shares in the public float, 22.6% or 17.55 million shares are short, up from 16.47 million shares short the prior month.

The next major resistance for Crocs to tackle comes into play at the 50-day moving average of $36.62

Related Articles:

Jan. 9 No Relief Yet for Crocs

Jan. 8 Crocs Selloff Overdone, Healthy Bounce Likely

Comments

[john haskell]

the next major resistance for Crox comes when people realize that retailers are selling cheap knockoffs for a couple of bucks each and the stock resumes its sled ride to zero. Oh wait I forgot- consumer spending is strong, so no one will want to buy a knockoff.