Price Headed Toward All Time High

TJX companies INC., an american multinational off-price retailer department store corporation. It engages in retail and home fashion products. There are different segments in TJX companies – Marmaxx, Home goods, TJX canada and TJX international.

TJX stock price entered into a downtrend during the start of 2023, forming lower lows after receiving rejection from $82.80 level. In March, price formed support at $73.40 and initiated a bullish rally to recover from the losses due to the downfall that started in February.

Recently, TJX stock price was stuck in a consolidation zone ranging between $75.90 and $79.50. The price stayed in that range through April and May. During June, the stock price gained bullish momentum and shattered the resistance level of $82.80. TJX price is currently headed toward the next major resistance level of $82.80.

If TJX price breaks the resistance, it might shatter the all-time high of $83.13 next. On the other hand, if the stock price receives rejection from $82.80 level, it might fall back to $79.50 level.

TJX Companies Quarterly Report

The company reported a Quarter 1 earnings report and did beat the consensus estimate of Earning per share as Consensus estimated the EPS to be $0.716 while it turned out to be $0.76, a surprise of $0.04 (6.19%). However, TJX companies were not able to beat the consensus estimate of revenue which was $11.824 billion and the company reported a revenue of $11.783 billion, a loss of -$41.35 million (0.35%).

This resulted in a decline in the price. The next earning report will be released on August 16, 2023. Consensus have estimated the revenue to be $12.39 and the earning per share to be $0.75.

Will TJX Stock Price Shatter All-Time High?

The stock price traded above 20,50,100 and 200-Day EMAs indicating bullish momentum in the price. The Chaikin money flow score is 0.03 indicating increasing strength in the market. CMF started to rise from -0.14.

The relative strength index traded at 64.21 indicating bullish momentum in the price. RSI still has room left for upside move. The price has reached the upper band of bollinger indicates possibility of short term pullback as price reaches near the resistance level of $82.80.

Conclusion

The market structure and price action for TJX is bullish and is headed toward the major resistance level of $82.80 level. The technical parameters are favoring the bullish side but the concern is regarding the price reaching near major resistance which might affect the price and induce a short-term pullback.

Technical levels

Major support: $75.90 and $73.40

Major resistance: $82.80 and $86

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing