• Return to Headlines

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

By James Quinn

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 $53.39 and $54.45 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) has potential upside of 32.3% based on a current price of $54.37 and analysts' 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.

Over the past year, Ross Stores Inc has traded in a range of $52.75 to $69.81 and closed yesterday at $54.37, 3% above that low. The 200-day and 50-day moving averages have moved 0.17% higher and 0.25% higher 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 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 19.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle ross stores inc

Ticker(s): ROST