TJX climbs to highest close since August 18th


TJX Companies Inc. (TJX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

TJX rises to highest close since August 18th
TJX closes higher for the 4th day in a row
TJX pushes through Tuesday's high

Overview

Moving higher for the 4th day in a row, TJX finished Wednesday at 57.32 gaining $0.46 (0.81%), strongly outperforming the S&P 500 (-0.46%). Today's close at 57.32 marks the highest recorded closing price since August 18th. Closing above Tuesday's high at 57.25, the market confirmed its breakout through the previous session high after trading up to $0.90 above it intraday.

Daily Candlestick Chart (TJX as at Sep 16, 2020):

Daily technical analysis candlestick chart for TJX Companies Inc. (TJX) as at Sep 16, 2020

Wednesday's trading range has been $1.23 (2.15%), that's below the last trading month's daily average range of $1.47. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly 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 Bullish Spinning Top. The last time a Bullish Spinning Top showed up on August 19th, TJX actually lost -4.99% on the following trading day.

Prices are trading close to the key technical support level at 56.86 (S1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Further buying could move prices higher should the market test August's nearby high at 59.54.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for TJX Companies. Out of 240 times, TJX closed higher 50.00% 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 65.00% with an average market move of 1.39%.


Market Conditions for TJX as at Sep 16, 2020

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