TJX dominated by bulls lifting the market higher throughout the day
TJX Companies Inc. (TJX) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TJX finished the week 4.15% higher at 56.69 after surging $0.83 (1.49%) today, strongly outperforming the S&P 500 (0.46%). Today's close at 56.69 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 56.06, TJX Companies confirmed its breakout through the previous session high after trading up to $0.68 above it intraday.
Daily Candlestick Chart (TJX as at Jul 12, 2019):
Friday's trading range has been $0.88 (1.57%), that's slightly above the last trading month's daily average range of $0.83. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TJX.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 53.88.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for TJX Companies. Out of 256 times, TJX closed higher 49.61% 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 55.86% with an average market move of 0.45%.