ROST pops to highest close since August 17th
Ross Stores Inc. (ROST) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ROST finished Wednesday at 96.02 gaining $2.10 (2.24%), notably outperforming the Nasdaq 100 (-1.67%). Today's close at 96.02 marks the highest recorded closing price since August 17th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ROST as at Sep 16, 2020):
Wednesday's trading range has been $3.65 (3.84%), that's far above the last trading month's daily average range of $2.66. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ROST.
Buyers managed to take out the key technical resistance level at 95.28 (now S1), which is likely to act as support going forward. The last time this happened on Monday, ROST gained 0.16% on the following trading day. Prices are trading close to the key technical resistance level at 98.13 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Ross Stores. Out of 256 times, ROST closed higher 50.39% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.25% with an average market move of 0.82%.