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

By Shiri Gupta

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. Today's price range of $62.81 and $63.10 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. 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.

Over the past year, Tjx Cos Inc has traded in a range of $48.77 to $63.37 and is now at $62.99, 29% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

Tjx Cos Inc (NYSE:TJX) has potential upside of 45.8% based on a current price of $62.99 and analysts' consensus price target of $91.82. The stock should find initial support at its 50-day moving average (MA) of $61.17 and further support at its 200-day MA of $56.61.

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 inside day candle tjx cos inc

Ticker(s): TJX