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Possible Bearish Inside Day Candle Pattern Detected for Ross Stores Inc (NASDAQ:ROST)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ross Stores Inc (NASDAQ:ROST) based on the price action in the company's shares. Yesterday's price range of $98.01 and $98.53 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ross Stores Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ross Stores, Inc., together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brands.

In the past 52 weeks, shares of Ross Stores Inc have traded between a low of $73.76 and a high of $104.35 and closed yesterday at $98.02, which is 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

Ross Stores Inc (NASDAQ:ROST) defies analysts with a current price ($98.02) 11.0% above its average consensus price target of $87.22. Ross Stores Inc shares have support at the 50-day moving average (MA) of $94.25 and additional support at the 200-day MA of $92.04.

SmarTrend is tracking the current trend status for Ross Stores Inc and will alert subscribers who have ROST in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ross stores inc

Ticker(s): ROST