ROST closes higher for the 5th day in a row
Ross Stores Inc. (ROST) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ROST finished the week 3.7% higher at 121.78 after gaining $1.18 (0.98%) today, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 121.78 marks the highest recorded closing price since January 9th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ROST as at Feb 14, 2020):
Friday's trading range has been $1.23 (1.02%), that's below the last trading month's daily average range of $1.65. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ROST.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 122.62 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 122.62, upside momentum might speed up should Ross Stores be able to break out to new highs for the year.