Stock Picks For Friday: Ross Stores And DXP Enterprises

Chart courtesy of stockcharts ( click to enlarge )

DXP Enterprises (DXPE) failed to continued it’s bearish scenario today. The stock topped at 10.13 and closed at 9.99. On the daily chart we can see the short term bearish trend line has been violated to the upside. The bias is now bullish in nearest term but remains neutral in medium term. With KD rising we could see possible rally coming for the stock. In addition the RSI is extremely oversold. After the recent free-fall we may have found a bottom. Let’s keep an eye on DXPE as i think momentum will pick up.

Chart courtesy of stockcharts ( click to enlarge )

Ross Stores (ROST) - The major resistance was broken at 40.92 on heavy volume. Buy trigger is clear, however beware of a possible fake move. ROST hit a high of $41.85, which is 0.71 cents above its resistance high of $41.16, set on September of 2008. This can be a very volatile and fast moving stock, so watch the stock closely. Technically speaking, the chart looks Bullish with both 20 and 50 daily moving averages going up and MACD indicator above its signal line indicating further strength. Short-term investors can buy with a stop at $40 and long-term investors can hold with a stop at $38.87. Let’s keep an eye on ROST as i think momentum will pick up.

Disclaimer: Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

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