Be Patient With Ross Stores

 | Feb 09, 2016 | 2:11 PM EST
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Ross Stores (ROST) has been consolidating its last advance just below its all-time highs and resistance. If ROST can break out to a new high close, we want to join in on this bull move.

This chart of ROST, above, shows prices moving sideways to higher during the past 12 months. Prices are pointed up now and the slopes of the 50-day and 200-day moving averages are positive, but some of the other indicators are "uneven." The On-Balance-Volume (OBV) line has been uneven, but has been moving up from a November low. The Moving Average Convergence/Divergence oscillator has also been uneven but is above the zero line right now. Because these indicators are not 100% behind the rally, we want ROST to prove itself with a new high close -- then we will join in.

While the short-term outlook is not 100%, this longer-term chart of ROST, above, is positive. ROST is above the rising 40-week moving average. The MACD oscillator is bullish and the OBV line is rising slowly on this time frame. A new high close for ROST should kick off an advance into the $60-$65 area. Meanwhile, we will be patient.



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