The Fibocall: Tiffany

 | Aug 27, 2014 | 1:19 PM EDT  | Comments
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Today, Tiffany (TIF) gapped higher as it opened at $104.61, which was above the July 3 high at $103.38.

With TIF not generating any long-term overbought conditions at that time, it was too risky to look to sell any yet.

With the gap higher, today is Day 1 of our three-day rule, so if we trade any it would not exceed 25% of any position. TIF is now trading below $103.38 (July 3 high) and a close below would be an opportunity to make some sales.

The short-term .236 retracement level at $103.23 -- from the Aug. 13 low at $95.38 and today's high at $105.66 -- and a close below would be short-term bearish.

One missing piece is the long-term overbought signal here.

January: Long-term overbought signal and a 14% pullback.

February: Long-term oversold signal and an 18% rally.

March: Long-term overbought signal and an 11% pullback.

April: Long-term oversold signal and a 22% rally.

July: Long-term overbought signal and only a 7% pullback.

No oversold signal came with the August 13 low.

No overbought signal here yet, either. 

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