TJX closes higher for the 3rd day in a row
TJX Companies Inc. (TJX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TJX finished Thursday at 47.96 gaining $3.88 (8.8%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 47.02, the share confirmed its breakout through the prior session high after trading up to $1.74 above it intraday.
Daily Candlestick Chart (TJX as at Mar 26, 2020):
Thursday's trading range has been $4.54 (10.17%), that's slightly above the last trading month's daily average range of $3.92. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TJX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, TJX gained 7.41% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for TJX Companies. Out of 319 times, TJX closed higher 50.47% 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 52.04% with an average market move of 0.21%.