Skechers (SKX)

Over the last few weeks, the stock dropped from about $75 to a recent low of $64.20, where it appears to have caught support. It’s also oversold on RSI, MACD and Williams’ %R. Helping, Morgan Stanley just upgraded SKX to an overweight rating from neutral.

As noted by Seeking Alpha, “The company scored impressively high on Morgan Stanley’s global brand momentum and perception survey scorecards. The firm said that in tandem with its recent upbeat North America/European Union sportswear channel checks, it is incrementally positive on the Skechers brand exiting the survey.”

From its current price of $64.20, we’d like to see SKX retest $68 initially.