Wednesday, January 13, 2016

Tuesday Morning Corporation (NASDAQ: TUES)

Tuesday Morning Corporation operates as a retailer of upscale decorative home accessories, housewares, seasonal goods, and gifts in the United States. The company offers various products, such as home d├ęcor, furniture, bed and bath, kitchen, toys, crafts, pets, and seasonal goods. It also provides a range of branded merchandise, including Peacock Alley, Sferra, Lenox, Waterford, and Hartmann. As of June 30, 2015, the company operated 769 discount retail stores in 41 states.
Take a look at the 1-year chart of Tuesday (NASDAQ: TUES) with the added notations:
1-year chart of Tuesday (NASDAQ: TUES)
After declining steadily for most of 2015, TUES started bouncing on top of a clear $5 support (green) during the most recent 5 months. Now that the stock appears to be testing that support level again, traders should be able to expect some sort of bounce. However, if the $5 support were to break, lower prices should follow.

The Tale of the Tape: TUES has a key level of support at $5. A trader could enter a long position at $5 with a stop placed under the level. If the stock were to break below the support a short position could be entered instead.

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