Don’t Skimp – Buy the Blue Box, Tiffany’s

• Posted by Greg Harmon
• on April 2nd, 2013

Tiffany’s, $TIF, looked like a dud after reporting earnings 2 weeks ago. But even then I noted that the longer term price action looked very bullish. The price action Tuesday created the trigger for a what could be a strong move higher, breaking above the consolidation channel at 70.85. The chart below highlights the Measured Move higher that would target 77.61 and the Deep Crab Harmonic pattern that has a Potential Reversal Zone at 80.27. Notice that the Relative Strength Index (RSI) is bullish and running higher with a Moving Average Convergence Divergence indicator (MACD) that is turning back higher and crossing to

positive on the histogram. A quick glance to the left shows that there is a void in previous price history at these levels, which also will make a move higher easier. Finally, the 3-box reversal Point and Figure Chart has a Price Objective of 78, in the same zone. What are you waiting for? Its the season for Diamonds right?

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