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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. Today's price range of $109.69 and $110.11 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 Corp (NYSE:TGT) is currently priced 31.2% above its average consensus analyst price target of $75.56. The stock should discover initial support at its 50-day moving average (MA) of $108.67 and subsequent support at its 200-day MA of $87.65.

Over the past year, Target Corp has traded in a range of $60.15 to $114.38 and is now at $109.85, 83% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.7%.

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.

SmarTrend is tracking the current trend status for Target Corp and will alert subscribers who have TGT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle target corp

Ticker(s): TGT