TJX Companies Inc - (TJX) - November 17, 2022 (Daily Stock Report)

by SIACharts.com

 

 

In what appears to be a sign of the times, some countercyclical stocks such as bargain retailer TJX Companies (TJX) owner of the Winners, HomeSense and Marshalls chains, have been outperforming their peers. After spending two years stuck in the red zone, TJX has been steadily working its way back up the relative strength rankings in the SIA S&P 500 Index Report since April and recently returned to the Green Favored Zone for the first time since March of 2020. Yesterday it finished in 65th position, up 22 places on the day and up 57 spots in the last month.

A major breakout is underway in TJX Companies (TJX) shares. Back in July, TJX bottomed out with a successful retest of support near $55.00. Since then, they have been under renewed accumulation, snapping out of a previous downtrend and establishing a new uptrend of higher lows. A breakout over $67.50 last month completed a bullish Ascending Triangle base, and this month, accumulation has accelerated with TJX breaking out to a new all-time high on a surge in volume.

Measured moves suggest potential upside resistance near $82.50 then $95.00 on trend. Initial support appears near the $75.00 breakout point, then an uptrend line closer to $70.00.

 

A long-term uptrend in TJX Companies (TJX) appears to have resumed. Back in July, a six-month downswing was contained near $55.00, a previous breakout point, establishing a higher low. The shares resumed their upward course in August, and accumulation appears to have really accelerated in the last month with TJX completing bullish Double Top and Spread Double Top breakouts, and then rallying to a new all-time high as a bullish High Pole continues to extend.

Vertical and horizontal counts suggest next potential resistance may appear in the $84.00 to $87.35 range, with initial support possible near $71.65 based on a 3-box reversal.

With a perfect SMAX score of 10, TJX is exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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