Target Set to Possibly Pullback After Yesterday's Rally of 1.67%
Target (NYSE:TGT) traded in a range yesterday that spanned from a low of $69.29 to a high of $70.20. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $69.20 on volume of 3.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Target has traded in a range of $65.50 to $85.81 and is now at $70.16, 7% above that low. The 200-day and 50-day moving averages have moved 0.12% lower and 0.55% higher over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Target on April 29th, 2016 by issuing a Downtrend alert when the shares were trading at $79.85. Since that call, shares of Target have fallen 13.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders Target