TGT finds buyers at key support level

Target Corp. (TGT) Technical Analysis Report for Sep 14, 2018

Highlights

TGT closes below its opening price unable to hold early session gains
TGT finds buyers at key support level
TGT closes lower for the 4th day in a row
TGT breaks below previous session low
TGT falls to lowest close since August 31st

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

Moving lower for the 4th day in a row, TGT ended the week -0.9% lower at 87.94 after losing $0.14 (-0.16%) today. Today's closing price of 87.94 marks the lowest close since August 31st. Trading $0.40 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 87.95, the share confirms its breakout through the previous session's low having traded $0.41 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for TGT

Volatility

Friday's trading range was $0.98 (1.11%), that's below last trading month's daily average range of $1.43. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 87.54 during the day, the stock bounced off the key support level at 87.75. The failure to close below the support could increase that levels importance as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

As prices are trading close to September's low at 87.41, downside momentum might accelerate should Target Corp. mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Target Corp.

Condition Forecast Direction Win Rate Exit Day Events
5 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

TGT breaks key support level

Sep 17, 2018
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