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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $89.63 and $90.48 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. Traders and investors interested in shares of Ross Stores Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ross Stores Inc (NASDAQ:ROST) defies analysts with a current price ($89.80) 2.9% above its average consensus price target of $87.22. Ross Stores Inc shares should first meet resistance at the 200-day moving average (MA) of $90.86 and find additional resistance at the 50-day MA of $92.32.

Ross Stores Inc share prices have moved between a 52-week high of $104.35 and a 52-week low of $73.76 and closed yesterday at 22% above that low price at $89.80 per share. The 200-day and 50-day moving averages have moved 0.11% higher and 0.04% lower over the past week, respectively.

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: bullish am inside day candle ross stores inc

Ticker(s): ROST