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- 1 TJX stock price is riding the gains and extending the up-move.
- 2 Buyers are accumulating and willing to reach $100.
TJX stock (NYSE: TJX) price chart shows a rising parallel channel and buyer dominance. Moreover, the price action shows that the price is above the significant moving averages and near the mid-channel. However, the price action suggests a rise toward channel highs of $95, followed by $100.
TJX stock must reach $100 in the upcoming session, as the technical structure is favourable, and the price surpassed multiple clusters during the journey in the past sessions. TJX stock is in a strong uptrend, and buyers attained massive strength and are willing to reach the round spot of $100. Moreover, the upper trajectory of the stock is near $100, and the lower trajectory is near $85. However, the stock persisted in gaining, and sellers got trapped in previous sessions. The rally is expected to continue in the following months.
At press time, TJX stock price is trading at $89.52 with an intraday gain of 1.39% showing bullishness on the charts. Moreover, the trading volume increased by 1.76% to 7.787 Million, and the market cap is $102.88 Billion.
Analysts maintained a buy and overweight rating with a yearly target price of $98.76, which the stock is heading for now.
TJX Cos., Inc. engages in the retail of apparel and home fashion products. It operates through the following business segments: Marmaxx, HomeGoods, TJX Canada, and TJX International.
The Marmaxx segment sells family apparel, home fashions, and other merchandise. The HomeGoods segment offers an assortment of home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop, cookware, and expanded pet, kids, and gourmet food departments.
The TJX Canada segment operates Canada’s Winners, Marshalls, and HomeSense chains.
TJX Stock Suggest Bullishness On Daily Charts
On the daily charts, TJX stock price persists in surging inside the rising channel and showing bullishness. Moreover, the technicals suggest a rise toward $100. Follow-on buying was also noted. Furthermore, the Q2 earnings were above the estimates which gave an advantage to bulls and extended the rally for the past sessions.
As per the Fib extension tool, TJX stock price is trading above the 61.8% Fib level and heading toward the 78.3% zone near $95. Moreover, the price is trading near the upper Bollinger band, showing buyers’ dominance on the charts.
The RSI curve stayed in the overbought zone, and a bullish divergence was noted, suggesting that the stock is gaining steadily and will visit the round spot of $100.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook on the charts.
Conclusion
TJX stock price shows a bullish structure and suggested a further up move toward $100. Moreover, the price action indicates bullish divergence and suggests buyer dominance. Multiple indicators are giving buy signals which suggests that the rally would likely be continued in the following sessions.
Technical Levels:
Support Levels: $85 and $80
Resistance Levels:$95 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
