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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 $54.78 and $55.24 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.

Potential upside of 30.8% exists for Ross Stores Inc, based on a current level of $55.00 and analysts' average consensus price target of $71.94. The stock should hit resistance at its 50-day moving average (MA) of $57.46, as well as 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.

Ross Stores Inc share prices have moved between a 52-week high of $69.81 and a 52-week low of $52.75 and are now trading 4% above that low price at $55.00 per share. 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ross Stores Inc on March 27th, 2017 by issuing a Downtrend alert when the shares were trading at $65.56. Since that call, shares of Ross Stores Inc have fallen 16.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ross stores inc

Ticker(s): ROST