Is TJX COMPANIES INC Ready to Break Out of Its Range?

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

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, TJX scores 10 out of 10 in our technical rating. 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. On top of that, TJX also shows a nice and consistent pattern of rising prices.
• TJX is one of the better performing stocks in the Specialty Retail industry, it outperforms 80% 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 94.66 and 99.45.

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

How does the Setup look for NYSE:TJX

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:TJX scores a 9 out of 10:

TJX has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 99.12. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 98.32, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:TJX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.