Chart of the Day: TJX Frustrates, But This Price Could Trigger More Buying
The stock remains rangebound but this base-building process will eventually be bullish.
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With such a strong company like TJX Cos. (TJX) there is frustration by shareholders as to why the stock cannot move up. We feel the pain along with you, but know that eventually this chart will improve. You just won't see it coming.
Robust earnings and strong guidance this week from TJX were enough to push the stock higher but it sold off a bit following the print. The chart remains bullish, the candles in the GoNoGo composite of indicators are teal/blue (fluctuating), and the volume trends of late have been bullish.
MACD is on a strong buy signal while money flow remains positive, though momentum is fading (stochastics, pane 4). A move above $160 should trigger more buying but we'll have to wait for it.
We like TJX in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long TJX.
