very strong bounce off of ~$6.50 support. Is this the start of a macro bull cycle for RiteAid as history showed?
I flipped short just in time earlier this morning. I think RiteAid will definitely test $6 daily support as best case scenario. Worst case scenario imo is $4.50-5 and then it hits that yellow monthly trend-line.
Pretty self explanatory, strong reaction to the upside every time it touched yellow trend line. looks like it is setting up to do that within this month or the next.
RAD has been profiting of Amazon using it's stores. Which is basically saving the company. RAD is finding support again around $6.4, not getting to oversold levels! (RSI(10) < 30) Be mindful that today's volume is below the average volume (which is a bearish sign on a pullback). Important to check today's price & volume at close.
Does this look like it's ready to breakout yet? 2 clean rejections, and not even near the end of the coil. Go back to 2008.
The touch at $0.81 shows it is not ready for a breakout quite yet. This reaction was at the long time trendline resistance. Short term: it did the same thing. I think it's safe to assume it will go back up to retest it again and hopefully get to the 50. Long-term: Look for a break above $1 after we coil down a bit more.
RITE AID PHARMACY DAILY BULL GARTLEY TGS 1.88 AND/OR 2.13
buy at the bottom of crossover. Sell Target: $2.60
Triangle formation as well as cup & handle. Support at the bottom of the cup at $1.38 (52 wk low) RAD has been steadily supported by 20 day SMA as of late November. I am currently Long RAD.
The company's share price has been under severe pressure since the deal with Walgreens $WBA has fallen through and low pharmacy reimbursement rates. Rite Aid's organic growth remains impressive, posting double digit sales growth in 2016. Earnings should get a boost from aggressive cost cutting measures. I believe the company's share price is way oversold and...