03/17/00 TJX Companies (TJX)
Points to watch:
A short term bottom is in place in TJX
Companies. TJX crossed above its 55 day moving average for the first time
since October 12th yesterday, gaining 3 points on the day to close at
20. The stock moved above resistance at 17.3, the March 2nd intraday
high (point A on chart), confirming a short term bottom. The stock
broke above a 5-month old downtrend line yesterday (point B on chart).
TJX's tested resistance intraday
yesterday, hitting an intraday high of 21, before backing off.
Resistance is at 20.75-21.25, a range which provided support on 11/23/99
and acted as resistance throughout December and early January.
Short and long term technicals
indicators are improving: both daily and weekly OBV, RSI, stochastics, and
MACD have turned up.
A buy signal would be given if the stock
breaks above 21.25. Upside resistance after a break would be at
23.9-24, 25.7, 26.7, 27.6, and 31. Support is at 18.6 (support on
1/4/00 and resistance on 2/4/00), and 17.3.
