AI
Thursday, June 22, 2017 12:35:33 PM
As you know, the leading retail stocks have all been coming under severe selling pressure lately. It is well known that Amazon.com (NASDA:AMZN) has been eating the lunch of many leading retail companies. Are these beaten down retail companies ready to adjust to the Amazon way of doing business?
One leading retail stock that has fallen sharply lower is TJX Companies Inc (NYSE:TJX). This company is an off-price apparel and home fashions retailer in the United States and across the world. TJX stock recently topped out on May 10th, 2017 at $80.92 a share. Since that high pivot the stock has plunged lower and is now trading around $68.72 a share.
Traders should note that this stock is now trading into a major support level around the $67.75 area. This level is a major retrace area and it coincides with a weekly chart 200 moving average. Often, this dual support area will signal a major bounce is near in the stock price. Institutional buyers will usually defend the equity around this level.
Nicholas Santiago
InTheMoneyStocks
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