TIF closes below its opening price unable to hold early session gains
Tiffany & Co. (TIF) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TIF finished the week 0.12% higher at 134.27 after losing $0.09 (-0.07%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.12 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TIF as at Feb 14, 2020):
Friday's trading range has been $0.21 (0.16%), that's slightly above the last trading month's daily average range of $0.19. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TIF.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns. The last time a Bearish High-Wave Candle showed up on July 31, 2019, TIF lost -2.86% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 134.06 where further sell stops could get triggered. With prices trading close to this year's low at 133.55, downside momentum might speed up should Tiffany & Co. break out to new lows for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Tiffany & Co.. Out of 764 times, TIF closed higher 55.76% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.82% with an average market move of 1.05%.