The Technical Trader – Ross Stores
Mar 4, 2010 Stock to watch, Stocks On The Move, Technical Analysis, Trading Idea
Apparel retailer Ross Stores (ROST) was a strong performer today, as retail stocks rallied on the back of strong February same store sales among the group.
Ross Stores - 03/04/2010
Ross Stores was up $1.61 to $51.06, a gain of 3.26%, with the stock hitting an intra-day high of $51.55, which also happens to be the new 52-week high for the stock.
The stock has closed higher in seven out of the last ten sessions, forming a very nice bullish pattern in the process.
We can start looking for a pullback pretty soon, but for now, we are banking on more upside. If the stock market is strong on Friday, go long Ross Stores up to $51.40. Once in, put an order to sell the stock at $53.61, which is about five percent higher than current levels.
Monitor the stock aggressively and exit if ROST is down a percent or more. If by Wednesday March 10, we have not hit our target, exit. If by Monday or Tuesday, the stock is up to $52.75 or higher, exit.
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