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Retail pharmacy chain
Rite Aid (
RAD) is getting hefty trading volume in today's session after news that Canadian pharmacy retailer Jean Coutu Group unloaded 72.5 million shares of RAD according to a filing with the SEC. The Canadian group has been Rite Aid's biggest shareholder since a deal between the two firm that closed in 2007. After the sale, Coutu retains a large ownership stake in Rite Aid.
Despite the hefty selling pressure, RAD is holding up well from a technical standpoint. Shares fell down to the 50-day moving average as the broad market corrected over the last couple of weeks, but that average has held up as strong support in the last few sessions.
Traders looking for an entry opportunity in RAD should buy the next thrust off of the 50-day. Just keep a tight stop in place if you do.
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