AI
Thursday, May 23, 2019 7:56:04 PM
$TJX Momentum reads to the downside in TJX
Among the bricks and mortar stores TJX is a real winner, it is a favourite among consumers and indeed other retailers, whom have excess inventory that they can not shift. TJX buys it cheap and sells it cheap to the bargain hunters who just love finding that item they didn't really need but it was too cheap to put back on the rack.
Despite this from a technical perspective things are not as rosey, the Momentum indicator has had Bearish divergences for some time, while the RSI has dropped quite hard recently and is now at a breaking point. Tomorrows earnings report will dictate the price action for the months to come as a disappointing report could produce a retrace to $46 or indeed the $40 region. If by chance we get a upside move $56 will be a hard price to break having held as resistance on numerous occasions.
Among the bricks and mortar stores TJX is a real winner, it is a favourite among consumers and indeed other retailers, whom have excess inventory that they can not shift. TJX buys it cheap and sells it cheap to the bargain hunters who just love finding that item they didn't really need but it was too cheap to put back on the rack.
Despite this from a technical perspective things are not as rosey, the Momentum indicator has had Bearish divergences for some time, while the RSI has dropped quite hard recently and is now at a breaking point. Tomorrows earnings report will dictate the price action for the months to come as a disappointing report could produce a retrace to $46 or indeed the $40 region. If by chance we get a upside move $56 will be a hard price to break having held as resistance on numerous occasions.
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