Yes. To add a new notification:
• At the left menu, under Reports, click Reports -> Notifications . At the top-right click Add New Notification.
• Fill the filtering settings for the terms that you want the notification to be triggered for.
• On "When any of the selected URL Terms" check the box near "Is" or ”Is Not” and type the rank.
• If any of the terms of the selected URLs are/are not in the wanted rank, you will be notified.