TJX Companies Reverses with Big Spinning Top

Nov 20 13:11 2017 Print This Article

Retail stocks surged last week and discounter TJX Companies ($TJX) bounced off support with high volume. Technically, the big trend is still down because the 50-day EMA is below the 200-day EMA and TJX is below the 200-day EMA. These EMAs are not shown on the chart to keep it clean.

Despite the overall downtrend, TJX looks promising from a bullish standpoint because it reversed at support on big volume. Notice how the stock formed a massive spinning top after last week's gap down. The spinning top shows indecision because the open and close are in the middle of a large high-low range. Basically, prices gapped down with an open at 67.60, fell further with a dip to 66.44, bounced with a surged to 69.59 and ended up near the open with a close at 67.94. There was a whole lot of pushing and shoving during the day, but not much change from open to close.

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