Ross Stores, Inc.Short
Found a new head and shoulders pattern!
Price-entry: $69.33
Price-target: $60.09
Stop-loss: $74.71
Position: Short
This head and shoulders pattern has been forming since mid September. It is serving as a reversal top. The price went under the 200 SMA last month in January for the first time in more than 10 months. The 200 SMA has made a death cross with the 20 SMA. Based on the MAs the stock's future looks pretty bearish. The stock has already gone down substantial amount under the neckline and it doesn't look that it will come near it again(low buying volume. If this stock does go back to the neckline i've placed my stop-loss at $74.71 around the resistance level of both shoulders. There is still profit to be made from this stock, I expect a 13.33% gain, this expected movement will fill the gap from April.
Price-target: $60.09
Stop-loss: $74.71
Position: Short
This head and shoulders pattern has been forming since mid September. It is serving as a reversal top. The price went under the 200 SMA last month in January for the first time in more than 10 months. The 200 SMA has made a death cross with the 20 SMA. Based on the MAs the stock's future looks pretty bearish. The stock has already gone down substantial amount under the neckline and it doesn't look that it will come near it again(low buying volume. If this stock does go back to the neckline i've placed my stop-loss at $74.71 around the resistance level of both shoulders. There is still profit to be made from this stock, I expect a 13.33% gain, this expected movement will fill the gap from April.
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