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

By Amy Schwartz

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. Yesterday's price range of $81.74 and $82.40 is within the prior day'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.

In the past 52 weeks, shares of Target Corp have traded between a low of $60.15 and a high of $90.39 and closed yesterday at $81.74, which is 36% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 0.89% higher over the past week, respectively.

Target Corp (NYSE:TGT) defies analysts with a current price ($81.74) 7.6% above its average consensus price target of $75.56. Target Corp shares have support at the 200-day moving average (MA) of $78.11 and additional support at the 50-day MA of $77.51.

SmarTrend recommended that subscribers consider buying shares of Target Corp on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $68.35. Since that recommendation, shares of Target Corp have risen 21.3%. We continue to monitor TGT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle target corp

Ticker(s): TGT