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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 $133.79 and $134.00 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 (NYSE:TIF) is currently priced 16.1% above its average consensus analyst price target of $112.04. Tiffany & Co shares should encounter resistance at the 50-day moving average (MA) of $133.95 and support at its 200-day MA of $108.02.

In the past 52 weeks, shares of Tiffany & Co have traded between a low of $78.60 and a high of $134.42 and closed yesterday at $133.51, which is 70% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

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.

SmarTrend is tracking the current trend status for Tiffany & Co and will alert subscribers who have TIF in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle tiffany & co

Ticker(s): TIF