Market Overview

Nail Profits On Restoration Hardware Holdings Inc (NYSE:RH) At This Level


Restoration Hardware Holdings Inc (NYSE: RH) reported earnings on Thursday, which were received with mixed feelings. The company came out with weaker sales numbers and more importantly weaker guidance. With such a downbeat report, one would think that this stock would have sold off more than the 2% that it did. However, it held a key level which could only be seen by the trained eye of a technical trader, like myself. The $78.75 "gap window" level was defended, even though Restoration Hardware Holdings Inc (NYSE: RH) shares traded as low as $78.02. While this may be a short term sign of strength, I will look lower for an entry to take a long trade. The level which will give traders a great money making opportunity is around the $71.35 area. This is not only where the daily chart 200ma resides, but this is also the area where Restoration Hardware Holdings Inc (NYSE: RH) broke out to new highs. Have this chart on your watch list and profit like a pro. 

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Parm Mann
Elite Round Table
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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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