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

By James Quinn

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 $87.99 and $88.62 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.

Tjx Cos Inc share prices have moved between a 52-week high of $89.48 and a 52-week low of $66.44 and are now trading 33% above that low price at $88.31 per share. The 200-day and 50-day moving averages have moved 0.44% higher and 0.47% higher over the past week, respectively.

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 has overhead space with shares priced $88.31, or 3.8% below the average consensus analyst price target of $91.82. The stock should find initial support at its 50-day moving average (MA) of $83.30 and further support at its 200-day MA of $76.69.

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 13.0%. 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