The question on everyone's mind: Will TJX COMPANIES INC (NYSE:TJX) breakout?

Our stockscreener has identified a possible breakout setup on TJX COMPANIES INC (NYSE:TJX). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:TJX for potential opportunities.

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall TJX gets a technical rating of 9 out of 10. TJX has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

• The long term trend is still neutral, but the short term trend is positive, so the stock is getting more and more appreciated by traders and investors.
• When comparing the yearly performance of all stocks, we notice that TJX is one of the better performing stocks in the market, outperforming 92% of all 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 89% of 121 stocks in the same industry.
• TJX is currently making a new 52 week high. This is a strong signal, certainly because the S&P500 Index is not trading near new highs.
• In the last month TJX has a been trading in the 113.38 - 129.02 range, which is quite wide. It is currently trading near the high of this range.
• Volume is considerably higher in the last couple of days.

Our latest full technical report of TJX contains the most current technical analsysis.

Why is TJX a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, TJX has a 7 as its setup rating:

TJX has an excellent technical rating and 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 128.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 127.20, a Stop Loss order could be placed below this zone.

Trading setups like TJX

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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.