Rite Aid Corporation (RAD)
Rite Aid shares are on the move again as the rumors suggest that regulators are nearing the conclusion of their review of the deal with Walgreens Boots Alliance Inc (NASDAQ:WBA). The news popped RAD shares back up to the $9-level where they are likely to get a surge even higher as they break to new relative highs.
Rite Aid shares just completed a Gold Cross pattern, which suggests that the stock is entering a strong period in its intermediate-term trend. This is likely to get the attention of technical traders to join the fundamental money that is already moving into RAD stock based on the merger.
For now, there is little to no technical resistance between current prices and a target price of $9.50, which were the highs for the stock after the announcement of the merger, which appears to be moving forward.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.