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Possible Bearish Inside Day Candle Pattern Detected for Target Corp (NYSE:TGT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Target Corp (NYSE:TGT) based on the price action in the company's shares. Today's price range of $86.79 and $87.44 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Target Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Over the past year, Target Corp has traded in a range of $54.04 to $90.39 and is now at $87.18, 61% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Target Corp (NYSE:TGT) defies analysts with a current price ($87.18) 13.3% above its average consensus price target of $75.56. The stock should discover initial support at its 50-day moving average (MA) of $86.07 and subsequent support at its 200-day MA of $77.96.

SmarTrend is monitoring the recent change of momentum in Target Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Target Corp in search of a potential trend change.

Keywords: bearish inside day candle target corp

Ticker(s): TGT