TJX Companies is Holding at Key Support Level

The stock price of TJX Companies (TJX), the large off-price retailer, is above $20, a key support level below which the stock could drop to $16, the next support level. The stock began the current price downside in early February after completing a double top price formation. It has bounced off the $20 support level three times trying to make a new upside.

The key to TJX's price movement will be investor confidence brought about by improved sales and sales forecasts from the company.

TJX is a tough call. At best TJX will remain in the trading range from $20 to $26. At worst the stock will continue on the downside to the $16 support level.