Believe It Or Not But This Retailer Is About To Bounce
InTheMoneyStocks.com | Jun 22, 2017 02:06PM ET
As you know, retail stocks have all been under severe selling pressure lately. It is well known that Amazon.com (NASDAQ:AMZN) has been eating the lunch of many leading retail companies. Are these beaten down retailers ready to adjust to the Amazon way of doing business?
One leading retail stock that has fallen sharply lower is TJX Companies (NYSE:TJX), which is an off-price apparel and home fashions retailer with a global presence. TJX recently topped out on May 10 at $80.92 a share. Since that high pivot, the stock has plunged lower and is now trading around $68.72 a share.
Traders should note that this stock is now trading into a major support level around the $67.75 area — is a major retrace area that coincides with the weekly chart's 200-day moving average. Often, such dual support signals a major bounce is near. Institutional buyers will usually defend the equity around this level.
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