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

By Amy Schwartz

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. Yesterday's price range of $47.04 and $48.01 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. 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.

There is potential upside of 87.0% for shares of Tjx Cos Inc based on a current price of $49.11 and an average consensus analyst price target of $91.82. Tjx Cos Inc shares should first meet resistance at the 50-day moving average (MA) of $54.40 and find additional resistance at the 200-day MA of $56.59.

In the past 52 weeks, Tjx Cos Inc share prices have been bracketed by a low of $32.72 and a high of $64.95 and closed yesterday at $49.11, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has slid 0.2%.

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.

SmarTrend is monitoring the recent change of momentum in Tjx Cos Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Tjx Cos Inc in search of a potential trend change.

Keywords: bearish am inside day candle tjx cos inc

Ticker(s): TJX