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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tiffany & Co (NYSE:TIF) based on the price action in the company's shares. Yesterday's price range of $107.05 and $108.71 is within the prior day'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. Traders and investors interested in shares of Tiffany & Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Tiffany & Co (NYSE:TIF) has potential upside of 3.7% based on a current price of $108.01 and analysts' consensus price target of $112.04. The stock should find initial resistance at its 200-day moving average (MA) of $116.38 and further resistance at its 50-day MA of $123.59.

Tiffany & Co share prices have moved between a 52-week high of $141.64 and a 52-week low of $90.46 and closed yesterday at 19% above that low price at $108.01 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Tiffany & Co on August 30th, 2018 by issuing a Downtrend alert when the shares were trading at $124.57. Since that call, shares of Tiffany & Co have fallen 14.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle tiffany & co

Ticker(s): TIF