Ross Stores declines after disappointing profits - Analysis - 23-05-2022

Ross Stores' stock declined in the intraday levels, amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, amid negative signals from the RSI, piercing the pivotal support of 84.44, with a loss of 22.47% in the last session, or 20.83 points, settling at 71.87, with trading  volumes surpassing 34.5 million shares, above 10-day averages of 7.3 million shares.

The decline came after the retailed reported a drop in profits and sales in the first quarter of the year, with the company's stock downgraded by Credit Suisse and Deutsche Bank, and the stock becoming the worst performing on S&P 500 and NASDAQ 100.

Therefore we expect more losses for the stock, targeting the first support at 68.31, provided the resistance of 84.44 holds on.

Expected trend for today: Bearish