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Exploring ROSS STORES INC's Technical Signals and Breakout Potential.

By Mill Chart

Last update: Apr 1, 2024

Our stock screener has detected a potential breakout setup on ROSS STORES INC (NASDAQ:ROST). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:ROST.

ROST Daily chart on 2024-04-01

In-Depth Technical Analysis of NASDAQ:ROST

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to ROST. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • Looking at the yearly performance, ROST did better than 81% of all other stocks. On top of that, ROST also shows a nice and consistent pattern of rising prices.
  • ROST is part of the Specialty Retail industry. There are 126 other stocks in this industry. ROST outperforms 74% of them.
  • ROST is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • In the last month ROST has a been trading in a tight range between 143.32 and 150.92.

Check the latest full technical report of ROST for a complete technical analysis.

Why is NASDAQ:ROST a setup?

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. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 149.64. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 146.63, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ROST in the last couple of days, which is a good sign.

How can NASDAQ:ROST be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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.

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ROSS STORES INC

NASDAQ:ROST (5/29/2024, 7:27:45 PM)

Premarket: 140 +0.9 (+0.65%)

139.1

+1.46 (+1.06%)

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