Tiffany & Co. (TIF, $58.53).
I like the bullish pattern of higher highs and higher lows in TIF. The last time we saw a similar set up we saw a rally of $8.40 from the Fibonacci price cluster of support which was just short of two upside targets for the move from that low. The minimum upside potential to start with on TIF would be around the 62.00 area.
Now that TIF is pulling back I have two areas that I’m interested in looking at for possible support and another buy entry. The first zone comes in at $57.68 – $58.05. The second zone which I prefer, since there is an overlap of a .618 retracement, comes in at $55.81 – $56.97. As we move into either of these areas, I will go down to a lower time frame chart to see if an entry trigger fires off telling me that it is worth placing another bet on the buy side in TIF.
For more information on trades and triggers, you can refer to these guidelines. If this same key support is violated instead, it negates the setup and I look for another trade instead.