There is no empirical validation or confirmed metric that indicates a stock will go up or down, just because it closes at or near the high of the day. There are way too many macro issues that will influence a stock price.
That said, if you overlay DECK's chart on the S&P, you'll see that DECK is simply trading with the market, i.e the S&P has risen 8 of the last 10 trading sessions, exactly the same as DECK. If you see a diversion from that pattern, it's certainly possible DECK could climb to the top of the channel, in the $55+ range, give or take. But if the market consolidates here, or falls back into the channel, I'd expect DECK to do the same.
Simply put, getting excited about a close at the high of the day is ill advised until you see how the pattern plays out the rest of the week.
Well said, and accurate as well. DECK does have inventory issues, they still rely on one brand, and I think the long term uptrend won't be broken until there's firm evidence of sustained, final demand, which may be several quarters or years from now.