TJX rises to highest close since December 3, 2018
TJX Companies Inc. (TJX) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
TJX finished the week 4.54% higher at 47.46 after gaining $0.37 (0.79%) today, outperforming the S&P 500 (-0.01%). Today's close at 47.46 marks the highest recorded closing price since December 3, 2018. Closing above Thursday's high at 47.13, the market confirmed its breakout through the prior session high after trading up to $0.61 above it intraday.
Daily Candlestick Chart (TJX as at Jan 11, 2019):
Friday's trading range has been $0.85 (1.81%), that's below the last trading month's daily average range of $1.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TJX.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 31, 2018, TJX actually lost -0.18% on the following trading day.
Prices are trading close to the key technical support level at 46.84 (S1).
Though TJX Companies 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 47.76 where further buy stops could get activated. Further buying might move prices higher should the market test December's close-by high at 49.36.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for TJX Companies. Out of 801 times, TJX closed higher 50.56% 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 57.80% with an average market move of 0.62%.