TJX closes unchanged after posting earnings
TJX Companies Inc. (TJX) Technical Analysis Report for Aug 20, 2019 | by Techniquant Editorial Team
TJX finished Tuesday at 51.55 flat on high volume, outperforming the S&P 500 (-0.79%) following today's earnings report. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TJX as at Aug 20, 2019):
TJX reported earnings of $0.62 per share today. With analysts having expected an EPS of $0.62, TJX Companies Inc. met market expectations. The company's last earnings report was released on May 21, 2019, when TJX Companies Inc. reported earnings of $0.57 per share topping market expectations by 5.6%.
Tuesday's trading range has been $2.46 (4.92%), that's far above the last trading month's daily average range of $1.33. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TJX. Prices continued to consolidate within a tight trading range between 49.36 and 52.22 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 last time a White Candle showed up on August 13th, TJX actually lost -3.94% on the following trading day.
Prices are trading close to the key technical support level at 51.28 (S1). Prices are trading close to the key technical resistance level at 52.30 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 52.14 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day post Earnings Report" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for TJX Companies. Out of 27 times, TJX closed higher 62.96% 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 62.96% with an average market move of 1.29%.