Uncovering Noteworthy Technical Analysis Findings for TJX COMPANIES INC (NYSE:TJX).

A possible breakout setup was detected on TJX COMPANIES INC (NYSE:TJX) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:TJX.

Technical Analysis Observations

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall TJX gets a technical rating of 10 out of 10. Both in the recent history as in the last year, TJX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, TJX did better than 80% of all other stocks. We also observe that the gains produced by TJX over the past year are nicely spread over this period.
• TJX is one of the better performing stocks in the Specialty Retail industry, it outperforms 78% of 129 stocks in the same industry.
• TJX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month TJX has a been trading in a tight range between 94.06 and 99.45.

For an up to date full technical analysis you can check the technical report of TJX

How does the Setup look for NYSE:TJX

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:TJX is 9:

Besides having an excellent technical rating, TJX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 98.75. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 97.31, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:TJX be traded?

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.

Our Breakout screener lists more breakout setups and is updated daily.

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.