Chart of the Day: TJX Heads Into Summer With Wind at Its Back
We’ve seen strong performance from this retailer as the summer shopping season gets underway.
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Summertime is one of the best sales times for names like TJX Companies (TJX), which thrives on heavy traffic, lower prices and solid profit margins. This is the time of year when stores get busy and online sales are brisk. The company recently finished a solid quarter and believes the remainder of the year is going to be strong. We saw good retail sales numbers for May released last week, so these are just a few reasons we continue to like TJX.
The chart is consistent with a bullish view of the company. MACD remains bullish after a crossover move in May, though it appears to be getting a bit tired. Momentum is slowing down a bit but the candles remain bullish (cautiously, teal color). Stochastics have turned down and the money flow also went negative. The stock is not far from all-time highs.
As the summer season commences and stores and shopping malls fill up, we believe TJX will get their share of business and continue to shine where others falter.
We like TJX in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long TJX.
