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Possible Bearish Inside Day Candle Pattern Detected for Tiffany & Co (NYSE:TIF)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tiffany & Co (NYSE:TIF) based on the price action in the company's shares. Today's price range of $84.33 and $85.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Tiffany & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. The Company operates retail stores in the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates, and also engages in direct selling through internet, catalog, and business gift operations.

Over the past year, Tiffany & Co has traded in a range of $73.04 to $138.41 and is now at $84.80, 16% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.7%.

Tiffany & Co has overhead space with shares priced $84.80, or 24.3% below the average consensus analyst price target of $112.04. The stock should run into initial resistance at its 50-day moving average (MA) of $90.92 and subsequent resistance at its 200-day MA of $94.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Tiffany & Co on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $100.34. Since that call, shares of Tiffany & Co have fallen 14.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle tiffany & co

Ticker(s): TIF