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

By Shiri Gupta

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. Today's price range of $70.67 and $71.25 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. 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.

Over the past year, Tiffany & Co has traded in a range of $59.73 to $96.43 and is now at $70.94, 19% above that low. The 200-day and 50-day moving averages have moved 0.69% lower and 1.50% higher over the past week, respectively.

Tiffany & Co (NYSE:TIF) has potential upside of 33.9% based on a current price of $70.94 and analysts' consensus price target of $94.99. Tiffany & Co shares should encounter resistance at the 200-day moving average (MA) of $77.94 and support at the 50-day MA of $67.86.

Tiffany & Co. operates jewelry and specialty retail stores and designs and manufactures its products through subsidiary companies. The Company retails its products through stores and boutiques in the United States, Mexico, Canada, and Brazil, and wholesales outside the United States. Tiffany also markets through the Internet and catalogs.

SmarTrend recommended that subscribers consider buying shares of Tiffany & Co on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.03. Since that recommendation, shares of Tiffany & Co have risen 8.6%. We continue to monitor TIF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle tiffany & co

Ticker(s): TIF