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

By Nick Russo

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. Today's price range of $97.10 and $97.10 is within yesterday'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, Ross Stores Inc share prices have been bracketed by a low of $73.76 and a high of $104.35 and are now at $97.10, 32% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Based on a current price of $97.10, Ross Stores Inc is currently 10.2% above its average consensus analyst price target of $87.22. The stock should discover initial support at its 50-day moving average (MA) of $95.10 and subsequent support at its 200-day MA of $92.90.

SmarTrend is monitoring the recent change of momentum in Ross Stores Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ross Stores Inc in search of a potential trend change.

Keywords: bearish inside day candle ross stores inc

Ticker(s): ROST