Get started
ChristopherCarrollSmith

RH testing supports from May; look for upward triangle breakout

Long
RH (NYSE:RH)  
ChristopherCarrollSmith Updated   
NYSE:RH   RH
Triangle retail Stocks Earnings
6
0
triangle retail stocks earnings
Restoration Hardware, which gapped upward on an earnings surprise a few days ago, has been in a sharp downward triangle ever since. Today it's testing a support zone from about 105.30 to 109.60. I wouldn't be surprised to see an upward breakout from the triangle, especially considering the strong retail sales report the Commerce Department released. To be honest, I'm a little surprised RH has stayed in its triangle at all today.
Comment:
We have a triangle breach. Expect resistance at each round-number dollar value all the way up to $115. Even in the most optimistic scenario, I wouldn't expect to move higher than $117.50. We're already meeting resistance at $108.
Comment:
We did better than I thought we'd do today. We blew right through the lesser resistance levels but met stiff resistance at $112.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.