NASDAQ:ROST may be ready to breakout.

ROSS STORES INC (NASDAQ:ROST) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:ROST.

What is the technical picture of NASDAQ:ROST telling us.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 9 out of 10 to ROST. Both in the recent history as in the last year, ROST has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that ROST is one of the better performing stocks in the market, outperforming 87% of all stocks.
• ROST is one of the better performing stocks in the Specialty Retail industry, it outperforms 76% of 134 stocks in the same industry.
• ROST is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so ROST is performing more or less in line with the market.
• In the last month ROST has a been trading in a tight range between 109.90 and 115.48.

For an up to date full technical analysis you can check the technical report of ROST

How do we evaluate the setup for NASDAQ:ROST?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:ROST has a 9 as its setup rating, indicating its current consolidation status.

ROST has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 114.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.89, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:ROST be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.