ROST finds buyers at key support level
Ross Stores (ROST) Technical Analysis Report for Sep 14, 2018
Moving lower for the 3rd day in a row, ROST finished the week 0.25% higher at 96.79 after losing $0.31 (-0.32%) today. Today's closing price of 96.79 marks the lowest close since September 7th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.06 (1.09%), that's below last trading month's daily average range of $1.79. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 96.03 during the day, the market bounced off the key support level at 96.27. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 95.93 where further sell stops could get activated. As prices are trading close to September's low at 95.74, downside momentum might accelerate should the stock mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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