Ross Stores Inc - (ROST) - November 21, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Discount clothing retailer Ross Stores (ROST) popped 9.8% on Friday following a positive earnings report. This move enabled ROST shares, which have been climbing up the rankings in the SIA S&P 500 Index Report since July when they were near the bottom of the red zone, back up into the Green Favored Zone for the first time since March of 2020. ROST finished in 121st place on Friday, up 53 spots on the day and up 66 positions in the last month.

Ross Stores (ROST) which had bottomed out near $70.00 between May and July, staged a major breakout last week, snapping a downtrend line and retaking the $100.00 round number. This occurred on a big surge in volume, indicating increased investor interest.

Based on previous peaks in the share price initial upside resistance may appear near $112.50, followed by the $120.00 to $130.00 zone. Initial support appears at a recent breakout point near $97.50.

 

Since bottoming out back in July, Ross Stores (ROST) shares have been under renewed accumulation, staging a series of bullish Double Top and Spread Double Top breakouts and breaking out of a downtrend. This month, accumulation has accelerated with the latest advance blasting through $100.00 and extending into a bullish High Pole.

Initial upside resistance appears in the $113.40 to $118.00 area where a previous column high plus vertical and horizontal counts cluster together, followed by $122.75. Initial support appears near $98.75 based on a 3-box reversal.

With a perfect SMAX score of 10, ROST is exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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