TIF closes higher for the 2nd day in a row
Tiffany & Co. (TIF) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TIF finished Wednesday at 115.86 gaining $1.81 (1.59%), strongly outperforming the S&P 500 (-0.46%). Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TIF as at Sep 16, 2020):
Wednesday's trading range has been $2.10 (1.83%), that's slightly above the last trading month's daily average range of $1.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for TIF. Prices continued to consolidate within a tight trading range between 112.77 and 116.15 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Tiffany & Co.. Out of 480 times, TIF closed higher 50.00% 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 55.42% with an average market move of 0.49%.