Major Technical Chart Support Tagged On RH

Shares of RH tagged major technical support today at $75. The company formerly known as Restoration Hardware has fallen from over $255 to under $75. This whopping collapse breeds opportunity for investors and near-term swing traders looking for opportunity. The Federal Reserve announced a huge backstop in MBS and treasury purchases, the government is about to announce a $2 trillion stimulus. This amount of money being thrown at the collapsing economy will create a near-term bounce and a long-term epic upswing in stocks. Once the COVID-19 threat has passed, investors may be looking at new all-time highs due to low interest rates and a huge liquidity surge.

The major technical support on RH gives investors and swing traders a good spot to start accumulating shares. In the near-term, a bounce back to $100 is likely, longer-term perhaps $255 will be seen again.

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