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

By James Quinn

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. Yesterday's price range of $60.79 and $61.79 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 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. 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.

Over the past year, Ross Stores has traded in a range of $30.91 to $66.28 and closed yesterday at $61.71, 100% above that low. 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 (NASDAQ:ROST) is currently priced 9.4% above its average consensus analyst price target of $55.89. The stock should find initial support at its 50-day moving average (MA) of $57.46 and further support at its 200-day MA of $53.20.

SmarTrend recommended that subscribers consider buying shares of Ross Stores on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.46. Since that recommendation, shares of Ross Stores have risen 5.8%. We continue to monitor ROST for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Ross Stores

Ticker(s): ROST