Ross Stores: Pullback Near Highs
Ross Stores rallied in the winter. Now, after a period of consolidation, some traders may see potential for further upside.
The first pattern on today’s chart is the pair of bullish gaps after the last two earnings reports. The first gap sent the retailer to new highs above its 2021 peak. The second reestablished it above its 50-day simple moving average (SMA).
The price jumps could reflect positive fundamentals. The move above the 50-day SMA may suggest the intermediate-term trend has gotten more bullish again. Also notice the latest pullback.
Next, ROST made a weekly low of $142.65 on June 11. Last week it tested and held that level. Has new support been established near old highs?
Third, higher weekly lows occurred along the 200-day SMA in May. That could suggest its longer-term trend is upward.
Last, stochastics have dipped to an oversold condition.
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The first pattern on today’s chart is the pair of bullish gaps after the last two earnings reports. The first gap sent the retailer to new highs above its 2021 peak. The second reestablished it above its 50-day simple moving average (SMA).
The price jumps could reflect positive fundamentals. The move above the 50-day SMA may suggest the intermediate-term trend has gotten more bullish again. Also notice the latest pullback.
Next, ROST made a weekly low of $142.65 on June 11. Last week it tested and held that level. Has new support been established near old highs?
Third, higher weekly lows occurred along the 200-day SMA in May. That could suggest its longer-term trend is upward.
Last, stochastics have dipped to an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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