• Return to Headlines

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. Yesterday's price range of $126.17 and $127.43 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 Corp share prices have moved between a 52-week high of $127.97 and a 52-week low of $60.15 and closed yesterday at 112% above that low price at $127.22 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.4% while the 50-day MA has advanced 1.8%.

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.

Based on a current price of $127.22, Target Corp is currently 40.6% above its average consensus analyst price target of $75.56. Target Corp shares have support at the 50-day moving average (MA) of $115.61 and additional support at the 200-day MA of $94.14.

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 26.3%. 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