TIF closes higher for the 2nd day in a row
Tiffany & Co. (TIF) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TIF finished the month -4.83% lower at 121.94 after gaining $1.63 (1.35%) today, slightly underperforming the S&P 500 (1.54%).
Daily Candlestick Chart (TIF as at Jun 30, 2020):
Tuesday's trading range has been $1.52 (1.26%), that's below the last trading month's daily average range of $2.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TIF.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 121.87 (now S1), which is likely to act as support going forward. The last time this happened on June 9th, TIF actually lost -2.82% on the following trading day.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 122.40 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Tiffany & Co.. Out of 214 times, TIF closed higher 53.27% 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 57.94% with an average market move of 1.02%.