Ross Stores ( (ROST) ) appears to be on stronger technical footing than some other retailers. Prices have doubled in the past three years -- but they do not appear extended at this time.
In this daily chart of ROST, above, we can see that prices are up from an island reversal in November. Prices have continued to the upside and are currently trading above the rising, 50-day and rising, 200-day moving average lines. The On-Balance-Volume (OBV) line is positive, but price momentum is slowing.
In this weekly chart of ROST, above, we can see that prices are above the rising, 40-week moving average line. The OBV line on this weekly timeframe is confirming the price strength, with its own new highs. The trend-following Moving Average Convergence Divergence (MACD) oscillator is generating a fresh buy, or go-long, signal above the zero line.
Strategy: ROST appears to be on firm technical footing at this point in time, but we cannot rule out a retracement into the $60 to $58 area.