fonzotrader
Short

Found a new head and shoulders pattern!

BATS:ROST   ROSS STORES INC
75 0 0
Price-entry: $69.33
Price-target: $60.09
Stop-loss: $74.71
Position: Short

This head and shoulders pattern has been forming since mid September. It is serving as a reversal top. The price went under the 200 SMA last month in January for the first time in more than 10 months. The 200 SMA has made a death cross with the 20 SMA . Based on the MAs the stock's future looks pretty bearish . The stock has already gone down substantial amount under the neckline and it doesn't look that it will come near it again(low buying volume . If this stock does go back to the neckline i've placed my stop-loss at $74.71 around the resistance level of both shoulders. There is still profit to be made from this stock, I expect a 13.33% gain, this expected movement will fill the gap from April             .
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