Here’s my take on $ROST and $OLLI – October 28, 2022


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I was just kind of rummaging through my scans and I popped across Ross Stores ( NASDAQ: ROST ) stores here. These days people are kind of shopping at the bargain basement, so to speak, and so Ross ( NASDAQ: ROST ) could be one that works.

It has just broken out above 95.00, it is still kind of volatile. But as long as the stock stays above this you can see that the volume is pretty good here. It has tapered off a bit as the stock climbed but this was pretty solid volume. This is institutional buying that pushed this above the 200-day moving average.

So whereas, the 200-day had been resistance, it had been where the sellers were hiding over the last few months. Now, the stock broke above there, which tells us that the sellers are gone, I like that.

Another one, Ollie ( NASDAQ: OLLI ), I love Ollie’s Bargain Outlets ( NASDAQ: OLLI ). A nice move here, so we kind of have a similar thing here with Ollie’s ( NASDAQ: OLLI ), in that it has finally broken out above the 50, the 200 never cracked. And so I am looking for more upside from here. There are no earnings for a month, so I am thinking Ollie’s ( NASDAQ: OLLI ) works, probably to about 65.00 or so.

Ross ( NASDAQ: ROST ), I don’t know, I think at least 100.00, which isn’t that high of a price target but I can’t really go a lot higher than that without guessing. So I would say you are looking at maybe a 5 percent move on Ross ( NASDAQ: ROST ), probably a little bit more on Ollie’s ( NASDAQ: OLLI ).

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