I've been pushing Rite Aid (RAD), explaining how this stock was poised to breakout sooner or later. Now that the stock has finally broken $9.00, what now? Where does it go from here? I must admit that after today's 3% gain, RAD is a little overbought. That said, I think that the stock will not see major resistance until it reaches $10.00. The stock has not seen double digits in over ten years, and at $10.00, the resistance will be more psychological than anything. If you own Rite Aid right now, I would hold until the stock sees $10.00. The company does not report earnings until mid-September, and I'll have to see where the stock is before making a recommendation going forward. I plan on selling half of my position should RAD see $10.00, and I think you should do the same.
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