TJX finds support at 20-day moving average

TJX Companies Inc. (TJX) Technical Analysis Report for Apr 16, 2018

Highlights

TJX pushes through 20-day moving average
TJX finds support at 20-day moving average
TJX rises to highest close since April 6th
TJX still stuck within tight trading range
TJX closes within previous day's range

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

TJX ended Monday at 82.74 gaining $1.48 (1.82%). Today's closing price of 82.74 marks the highest close since April 6th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for TJX

Volatility

Monday's trading range was $1.49 (1.82%), that's slightly below last trading month's daily average range of $1.64. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 80.94 and 83.57 which it has been in now for the last trading week.

Price Action

After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 83.41. After trading as low as 81.69 during the day, the share found support at the 20-day moving average at 81.98.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 20-day moving average at 81.98 today for the first time since April 3rd.

Order Flow

With prices trading close to this year's high at 85.21, upside momentum might accelerate should TJX be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for TJX Companies Inc.

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