TIF dominated by bulls lifting the market higher throughout the day
Tiffany & Co. (TIF) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
TIF finished the month 2.8% higher at 125.36 after gaining $0.71 (0.57%) today, slightly underperforming the S&P 500 (0.77%). Today's close at 125.36 marks the highest recorded closing price since June 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 125.20, the stock confirmed its breakout through the previous session high after trading up to $0.21 above it intraday.
Daily Candlestick Chart (TIF as at Jul 31, 2020):
Friday's trading range has been $0.91 (0.73%), that's below the last trading month's daily average range of $1.35. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TIF. Prices continued to consolidate within a tight trading range between 124.50 and 125.50 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the White Candle.
Tiffany & Co. was bought again around 124.50 after having seen lows at 124.50, 124.57 and 124.65 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on July 14th, TIF gained 0.62% on the following trading day.
Though 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 close-by swing high at 126.04 where further buy stops could get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior three Lows" stand out. Its common bullish interpretation has been confirmed for Tiffany & Co.. Out of 27 times, TIF closed higher 66.67% 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 seven trading days, showing a win rate of 70.37% with an average market move of 0.52%.