TJX closes below its opening price unable to hold early session gains
TJX Companies Inc. (TJX) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TJX finished Tuesday at 56.22 losing $0.25 (-0.44%) on low volume, slightly underperforming the S&P 500 (-0.34%). Trading $0.34 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TJX as at Jul 16, 2019):
Tuesday's trading range has been $0.69 (1.22%), that's below the last trading month's daily average range of $0.83. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TJX.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for TJX Companies. Out of 299 times, TJX closed higher 59.87% 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 64.88% with an average market move of 1.13%.