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

By James Quinn

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 $126.28 and $127.01 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 $60.15 to $127.97 and is now at $126.98, 111% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 1.4%.

Target Corp (NYSE:TGT) is currently priced 40.5% above its average consensus analyst price target of $75.56. Target Corp shares have support at the 50-day moving average (MA) of $115.22 and additional support at the 200-day MA of $93.87.

SmarTrend recommended that subscribers consider buying shares of Target Corp on August 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $100.76. Since that recommendation, shares of Target Corp have risen 26.6%. We continue to monitor TGT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle target corp

Ticker(s): TGT