Trade - Short SKX

SKX

The 34 level is obviously a resistance level below which the stock has been trading for the past 6 months.  I shorted 950 shares on Apr 27 at 33.79 (the 1st red candle after the breakout on Apr 22.  I placed my stop at 34.3 (near the high of Mar 4).

Entry: -950 shares @33.79
SL: 34.3
Risk: $485

Since the stock has a strong momentum as demonstrated in RSI and stochastics, I will not be too aggressive.  1st target is 9-ema at 32.4.  2nd target is 50-sma at 31.2.   See chart below.

My R is 0.5 potential return is 1.4. 

The recent green candles were supported by decent volume.  So it's also quite probable that it could overcome the 34 resistance level.  If that's the case, I'm ready to go long.  The target would then be 43.5.