It is no news that investors in Rite Aid Corporation (NYSE:RAD) have experienced a roller-coaster ride throughout 2017 thus far. Shares have tumbled from a high of $8.77 on January 13th to Thursday's closing price of $2.42, or approximately 72%, following the revision and ultimate abandonment of the previously announced merger with Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and the continued uncertainty regarding the current proposed transaction with Walgreens, as well as Rite Aid's future.

While the continued pessimistic outlook has persistently shaken weak-handed investors from their positions in Rite Aid's shares, it's important to remember the words described in Sun Tzu's The Art of War, "[i]n the midst of chaos, there is also opportunity." In fact, with the significant decline in volume in recent weeks and the support provided by the multiple bounces from the 52-week low of $2.21, along with the recent moves higher, now is a great time to revisit and assess the merits of Rite Aid shares as an investment for the short- and long-term investor.

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