ROST gaps up on earnings
ROST could offer a good near-term buy on Fridays' gap up on higher volume. The bar was very bullish - adding to the momentum to the upside - and easily cleared the 2013 pivot high.
For longer-term traders, however, the large gap up could easily be filled - so we would want to see some sort of pullback or retest of the 2013 high before considering this a buy opportunity. And by that time we could well be approaching the psychological resistance of the 100 figure.
Since breaking above the 200dma in August the trend has been very linear so if this continues and price clears $100 then a long-term buy could be in the offering.
One for the watchlist.
For longer-term traders, however, the large gap up could easily be filled - so we would want to see some sort of pullback or retest of the 2013 high before considering this a buy opportunity. And by that time we could well be approaching the psychological resistance of the 100 figure.
Since breaking above the 200dma in August the trend has been very linear so if this continues and price clears $100 then a long-term buy could be in the offering.
One for the watchlist.
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