Tiffany’s, (TIF), looked like a dud after reporting earnings 2 weeks ago. I did however note that the longer term price action looked very bullish. Tuesday's price action created the trigger for a what could be a strong move higher, breaking above the consolidation channel at 70.85. The chart below highlights the Measured Move higher that would target 77.61, and the Deep Crab Harmonic pattern that has a Potential Reversal Zone at 80.27. Note that the Relative Strength Index (RSI) is bullish and running higher with a Moving Average Convergence Divergence indicator (MACD), that is turning back higher and crossing to positive on the histogram.
A quick glance to the left shows that there is a void in previous price history at these levels, which also will make a move higher easier. Finally, the 3-box reversal Point and Figure Chart has a Price Objective of 78, in the same zone. What are you waiting for? Diamon season is on.
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