Rite Aid Falls On Technical Focus
Shares of Rite Aid (NYSE: RAD) are down 4.4 percent amid investor speculation on common trends in its price graph.
Rite Aid has been testing the $7 price level since the drug retailer's positive Q4 earnings release in April, followed by a short-lived rally to all-time highs of $8.61. Following Rite Aid's rally from late April to early June, shares faced a modest sell-off, retracing back to the low $7 range.
It appears that traders have identified the $7 price level as a focus, being right above the mean 50 percent level year to date.
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