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Off-Price Retailer Forming High Tight Bullish Flag

by | Sep 26, 2024

TJX (TJX) shares of the retailer are staying strong near recent highs forming a tight bull flag at the top edge of monthly value and has firmly held its earnings gap up from last month. TJX can break above 120 and move up to the fib extension targets at 122.50 and then 124.70. TJX still has the large buyers of 4000 October $100 ITM calls in open interest that bought on 6/28 and still has size Oct $115 calls holding in OI which can continue growing positive gamma as October expiration nears. Last week BAML noted that younger spenders continue to favor off-price retailers such as TJX and they see market share gains sustaining from here.

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