JoeHayes
Long

Potential Bullish Bat Pattern on TJX

NYSE:TJX   TJX COS INC NEW
Bullish Bat Pattern on TJX             if price reaches 56.63. We saw increased volume on the advance of the 'XA' leg and lower volume behind the decline to pattern maturity. There also is bullish momentum divergence from the last swing point within the 'D' leg of the pattern to where price is currently.

There also seems to be a rough bat pattern behind this pattern that started with the October 8th lows - with rejection candles that probed previous highs of that 'XA' leg ; however, the 'D' point of that pattern, (or the 'X' point of this pattern) never officially touched the .886 retracement level - but is still worth noting in my opinion.

Entry: 56.63
Stop Loss: 55.72
Profit Target: 58.45
Risk/Reward: 1:2
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