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Possible Bearish Inside Day Candle Pattern Detected for Tjx Cos Inc (NYSE:TJX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tjx Cos Inc (NYSE:TJX) based on the price action in the company's shares. Today's price range of $81.95 and $82.58 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 Tjx Cos Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide. The Company operates off-price retail concepts in the US, Canada, and Europe that offer a wide range of brand name and designer merchandise.

Tjx Cos Inc (NYSE:TJX) has potential upside of 10.0% based on a current price of $82.40 and analysts' consensus price target of $90.65. The stock should discover initial support at its 50-day moving average (MA) of $76.72 and subsequent support at its 200-day MA of $72.21.

Tjx Cos Inc share prices have moved between a 52-week high of $84.54 and a 52-week low of $66.44 and are now trading 24% above that low price at $82.40 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Tjx Cos Inc on February 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.50. Since that recommendation, shares of Tjx Cos Inc have risen 5.6%. We continue to monitor TJX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle tjx cos inc

Ticker(s): TJX