Trade Alert - TJX at New Lows

Published on Friday, 03 February 2012 11:34 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of TJX Companies, Inc. (NYSE:TJX) booked a new 52 week low by trading below $45.26, traders are definitely monitoring TJX's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

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 is currently trading 1.69% versus its previous trading session close, and it has calculated support and resistance at $58.09 and $68.44 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 1.3% from its previous trading close, which means that TJX stock is outperforming the overall market.