Retail Stocks Are Reaching Near Term Resistance
The leading retail stocks have surged higher over the past week. The Retail Holders Trust (NYSE:RTH) has gained over $10.00 since the October 4, 2011 pivot low. The RTH will be coming into important daily chart resistance around the $110.00 area. Therefore, traders should expect a pullback or consolidation in the RTH very soon. This is simply a case of a stock that has run very far very fast.
Other leading retail stocks that should face important daily chart resistance soon include Wal Mart Stores Inc (NYSE:WMT), Best Buy Inc (NYSE:BBY), Target Corp (NYSE:TGT), and J.C. Penney Company Inc (NYSE:JCP). These stocks could have a bit more upside in the near term, however, they will need to pullback or consolidate very soon.