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

By Nick Russo

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 $123.09 and $123.79 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.

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.

In the past 52 weeks, Ross Stores Inc share prices have been bracketed by a low of $88.31 and a high of $124.16 and are now at $123.65, 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

Based on a current price of $123.65, Ross Stores Inc is currently 29.5% above its average consensus analyst price target of $87.22. The stock should find initial support at its 50-day moving average (MA) of $117.17 and further support at its 200-day MA of $108.36.

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: bearish inside day candle ross stores inc

Ticker(s): ROST