Ross Stores (NASDAQ:ROST) is a leading discount retailer in the United States whose stock has been under pressure since reporting earnings on March 5, 2019. On Thursday, the stock traded lower by $2.20 to $88.48 a share. Traders should note that the stock has now declined below its daily chart 50- and 200-day moving averages. And that's usually an indication of further weakness ahead for the stock.
Traders should now watch the $82.50 area for important support. This level is where the stock broke out of a down trend in early January. Generally, the institutional money will defend this area when it's retested.
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