Are the Bears Taking Control over TJX?

Published on Thursday, 02 February 2012 18:21 Written by TradersHuddle Staff

New York, February 2nd (TradersHuddle.com) - Shares of TJX Companies, Inc. (NYSE:TJX) ended the trading session lower by $0.17 or -0.25% from its previous close. TJX's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

The TJX Companies, Inc. (NYSE:TJX) is an off-price apparel and home fashion retailer in the United States and worldwide. The Company operates off-price retail stores like T.J. Maxx and Marshalls,in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

TJX's current stock range is defined by calculated support defined at $58.09 and by the resistance level at $68.44, which should be used by traders planning their trades.

Traders wanting to establish a position in TJX stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current TJX shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: