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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Target (NYSE:TGT) based on the price action in the company's shares. Today's price range of $74.26 and $74.80 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Target has overhead space with shares priced $74.65, or 9.3% below the average consensus analyst price target of $82.35. The stock should run into initial resistance at its 200-day moving average (MA) of $76.80 and subsequent resistance at its 50-day MA of $81.52.

Target Corporation operates general merchandise discount stores in the United States. The Company's merchandising operations include 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 have traded between a low of $65.50 and a high of $85.81 and are now at $74.65, which is 14% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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

Keywords: bearish inside day candle Target

Ticker(s): TGT