Tiffany & Co. May Trade Sideways at Some Point Before Heading Still Higher

 | Jun 12, 2018 | 11:31 AM EDT
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Tiffany & Co. (TIF) was reviewed at the end of last month, and I wrote,"All the charts and indicators on TIF point to still higher prices in the months ahead. In the short run some sideways price movement would be expected and welcomed. Continue to hold longs risking to $115 now."

TIF has moved sideways the past week or so and a new strategy can be outlined. Let's review our updated charts and indicators.

(For more on TIF, see Jim Cramer's "Restoration Hardware Is Still Poised for A Bigger Move")

In this daily bar chart of TIF, below, we can see the huge upside price gap and the continued gains after the gap. Prices are well above both the rising 50-day moving average line and the bullish 200-day line.

The daily On-Balance-Volume (OBV) line has made a new high for the move up and tells us that buyers continue to be more aggressive with bigger volume numbers being traded on days when TIF have closed higher.

The Moving Average Convergence Divergence (MACD) oscillator is close to crossing to the downside for a take profits sell signal.

In this weekly chart of TIF, below, the price gap disappears but the indicators are still bullish. Prices are above the rising 40-week moving average line.

The weekly MACD oscillator is in a strong and bullish position above the zero line.

The only indicator not in a strong position is the weekly OBV line.

In this Point and Figure chart of TIF, below, we can see a potential longer-term price target of $212.00.

Bottom line: If you are long TIF from lower levels you can afford breakfast or brunch at the flagship store in NYC. You could also raise sell stop protection to $120. Look for a period of sideways price action on TIF before it heads to our longer-term price target of $212.

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