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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 $80.66 and $82.49 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.

In the past 52 weeks, Tiffany & Co share prices have been bracketed by a low of $73.04 and a high of $138.41 and closed yesterday at $80.80, 11% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.6%.

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.

There is potential upside of 38.7% for shares of Tiffany & Co based on a current price of $80.80 and an average consensus analyst price target of $112.04. Tiffany & Co shares should first meet resistance at the 50-day moving average (MA) of $91.55 and find additional resistance at the 200-day MA of $94.92.

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 19.5%. 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