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

By Shiri Gupta

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 $77.87 and $78.37 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 share prices have moved between a 52-week high of $85.66 and a 52-week low of $52.75 and are now trading 49% above that low price at $78.36 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

Ross Stores Inc has overhead space with shares priced $78.36, or 10.1% below the average consensus analyst price target of $87.16. The stock should discover initial support at its 50-day moving average (MA) of $57.46 and subsequent support at its 200-day MA of $53.20.

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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 inside day candle ross stores inc

Ticker(s): ROST