TIF breaks above 20-day moving average for the first time since February 21st
Tiffany & Co. (TIF) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TIF finished Thursday at 129.12 gaining $2.46 (1.94%), strongly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 127.92, the market confirmed its breakout through the prior session high after trading up to $1.37 above it intraday.
Daily Candlestick Chart (TIF as at Mar 26, 2020):
Thursday's trading range has been $2.55 (2.0%), that's slightly below the last trading month's daily average range of $4.23. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for TIF.
One bullish candlestick pattern matches today's price action, the White Candle.
Tiffany & Co. managed to close above the 20-day moving average at 127.32 for the first time since February 21st. When this moving average was crossed above the last time on December 31, 2019, TIF gained 0.15% on the following trading day. Prices are trading close to the key technical resistance level at 129.39 (R1).
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's high at 134.42, upside momentum could speed up should the share be able to break out to new highs for the year. As prices are trading close to March's high at 134.07, upside momentum might accelerate should TIF mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Tiffany & Co.. Out of 133 times, TIF closed higher 59.40% 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 58.65% with an average market move of 0.90%.