This Leading Retail Stock Will Soon Be In Play

One of the leading retail stocks that is starting to look attractive is The TJX Companies, Inc.(NYSE:TJX). This retail company operates stores under the T.J. Maxx, Marshalls, HomeGoods, Winners, HomeSense, T.K. Maxx, and Sierra Trading Post names. The company also has an online presence with e-commerce sites such as tjmaxx.com, tkmaxx.com, and sierratradingpost.com.

The stock topped out on the daily chart on May 10, 2017 at $80.92 a share. Since that pivot top the stock has declined sharply lower. Today, TJX stock price is trading at $67.64 a share. Traders should now watch for the $62.70 level as the next major support area. This is a mathematical support level that should provide a significant bounce in the stock when tested. Keep this trade level on the radar as we wait for this leading retail stock to drop into my buy level. Please note, the company is expected to report earnings on August 15, 2017.

 

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