Restoration Hardware Holdings Inc (NYSE:RH) reported earnings on Thursday, which were received with mixed feelings. The company came out with weaker sales numbers and more importantly weaker guidance. With such a downbeat report, one would think that this stock would have sold off more than the 2% that it did. However, it held a key level which could only be seen by the trained eye of a technical trader, like myself. The $78.75 "gap window" level was defended, even though Restoration Hardware Holdings Inc (NYSE:RH) shares traded as low as $78.02. While this may be a short term sign of strength, I will look lower for an entry to take a long trade. The level which will give traders a great money making opportunity is around the $71.35 area. This is not only where the daily chart 200ma resides, but this is also the area where Restoration Hardware Holdings Inc (NYSE:RH) broke out to new highs. Have this chart on your watch list and profit like a pro.
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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader
If you only read one email again, make sure it comes from the Elite Round Table. Our FREE market emails contain information that can actually make you money. Ask yourself, what email have you read that can do that? Answer = none. Join our list here.
Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader