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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ross Stores (NASDAQ:ROST) based on the price action in the company's shares. Today's price range of $61.86 and $62.27 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. Traders and investors interested in shares of Ross Stores 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 (NASDAQ:ROST) has potential upside of 14.4% based on a current price of $62.11 and analysts' consensus price target of $71.07. 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.

Over the past year, Ross Stores has traded in a range of $30.91 to $69.81 and is now at $62.11, 101% 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 a national chain of off-price retail apparel stores. The stores offer brand-name apparel, apparel-related merchandise for the entire family, fragrances, gift items, and linens for the home.

SmarTrend recommended that its subscribers protect gains by selling shares of Ross Stores on March 27th, 2017 by issuing a Downtrend alert when the shares were trading at $65.56. Since that call, shares of Ross Stores have fallen 5.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Ross Stores

Ticker(s): ROST