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.
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