Crocs (CROX) has struggled to maintain any upward consistency on the charts during the past year, finally clawing its way above breakeven for the first month of 2024, but still sporting a 17% 12-month deficit. The equity was last seen trading 0.9% higher at $99.85, putting pressure on the resistant $100 mark overhead. History may be on CROX’s side, however, with a bull signal now flashing.
The footwear maker has come within one standard deviation of its 80-day moving average, after a lengthy period above the trendline. Per Schaeffer’s Senior Quantitative Analyst Rocky White, there were five similar instances over the past three years. The stock was higher after 80% of these signals, averaging a one-month pop of 8.6%. A jump of similar magnitude would send CROX shares above the $108 level for the first time since mid-December.
It’s also worth noting that Crocs is slated to report fourth-quarter earnings before the open on Thursday, Feb. 15. Investors are hoping for a fifth consecutive earnings beat, though the post-earnings price history has been less than sweet. In fact, six of the past eight reports ended with a day in the red, with an average move of 10.1%, regardless of direction. This time around, analysts are expecting a 12.5% shift for CROX.
