Interesting Technical Analysis finding for TJX COMPANIES INC (NYSE:TJX)

TJX COMPANIES INC (NYSE:TJX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:TJX.

What is the technical picture of NYSE:TJX telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, TJX scores 7 out of 10 in our technical rating. Although TJX is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• TJX is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so TJX is lagging the market slightly.
• When compared to the yearly performance of all other stocks, TJX outperforms 60% of them, which is more or less in line with the market.
• TJX is an average performer in the Specialty Retail industry, it outperforms 53% of 132 stocks in the same industry.
• In the last month TJX has a been trading in a tight range between 87.44 and 92.31.

Check the latest full technical report of TJX for a complete technical analysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:TJX has a 8 as its setup rating, indicating its current consolidation status.

TJX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 92.64. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 90.61, a Stop Loss order could be placed below this zone.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.