Why TJX's Upswing is Too Good to Pass Up
The stock could be ripe for some bullish analyst attention
TJX boasts an impressive technical setup
The shares of TJX Companies Inc (NYSE:TJX) broke out of a downtrend from August through October, and are currently above all daily and weekly trendlines. Furthermore, the stock is higher than the $64.50-$63.50 pivot that tends to produce volatile moves with moving averages trending higher that had previously been flat. Now, with TJX on an upswing after bouncing off its year-over-year breakeven level this week, it looks like a good time to weigh in with calls.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TJX’s 50-day put/call volume ratio recently peaked above 1.25 and has been unwinding since. Past peaks such as this have set up multi-month runs.
Despite the bullish tilt, analysts haven’t been more bearish in the past few years. Of the 25 analysts in coverage, six carry a tepid “hold” rating on TJX. Our recommended call option has a leverage ratio of 6 and will double in value on a 16.2% pop in the underlying shares.
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