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Rite Aid (
RAD) operates a retail drugstore chain in the U.S. This stock closed up 4.3 % to $3.13 in Thursday's trading session.
Thursday's Range: $3.03-$3.16
52-Week Range: $0.95-$3.21
Thursday's Volume: 35 million
Three-Month Average Volume: 22.88 million
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From a technical perspective, RAD spiked sharply higher here right above its 50-day moving average at $2.92 and into breakout territory above resistance at $3.09 with monster upside volume. This stock has been uptrending strong for the last month and change, with shares soaring higher from its low of $2.62 to its intraday high of $3.16. During that move, shares of RAD have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of RAD within range of triggering a major breakout trade. That trade will hit if RAD manages to take out its 52-week high at $3.21 with high volume.
Traders should now look for long-biased trades in RAD as long as it's trending above its 50-day at $2.92 or above more key support levels at $2.83 to $2.67,and then once it sustains a move or close above its 52-week high at $3.21 with volume that hits near or above 22.88 million shares. If that breakout triggers soon, then RAD will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $4 to $5.
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