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Restoration Hardware (
RH) operates as a luxury brands in the home furnishings marketplace offering furniture, lighting, textiles, bathware, decor, outdoor and garden, as well as baby and child products. This stock is trading up 1% at $69.30 in recent trading.
Today's Volume: 801,000
Average Volume: 538,632
Volume % Change: 221%
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From a technical perspective, RH is spiking modestly higher here right above some near-term support at $68.15 with above-average volume. This stock recently dropped sharply from its high of $77.36 to $68.15. During that move, shares of RH have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of RH have held that $68.15 low and it's now moving within range of triggering a near-term breakout trade. That trade will hit if RH manages to take out some near-term overhead resistance at $70 with high volume.
Traders should now look for long-biased trades in RH as long as it's trending above some key near-term support at $68.15, and then once it sustains a move or close above $70 with volume that's near or above 538,632 shares. If that breakout triggers soon, then RH will set up to re-test or possibly take out its next major overhead resistance levels at $71 to $74.
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