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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 $112.54 and $113.05 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) is currently priced 23.4% above its average consensus analyst price target of $87.22. The stock should find resistance at its 50-day moving average (MA) of $115.70, as well as support at its 200-day MA of $107.02.

In the past 52 weeks, Ross Stores Inc share prices have been bracketed by a low of $88.31 and a high of $122.62 and closed yesterday at $113.83, 29% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.04% 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 is monitoring the recent change of momentum in Ross Stores Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ross Stores Inc in search of a potential trend change.

Keywords: bullish am inside day candle ross stores inc

Ticker(s): ROST