TGT pops to highest close since November 13, 2018
Target Corporation (TGT) Technical Analysis Report for Apr 18, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TGT finished Thursday at 83.26 gaining $0.58 (0.7%), outperforming the S&P 500 (0.16%) ahead of tomorrow's Good Friday market holiday. Today's close at 83.26 marks the highest recorded closing price since November 13, 2018. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TGT as at Apr 18, 2019):
Thursday's trading range has been $1.04 (1.26%), that's slightly below the last trading month's daily average range of $1.17. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TGT.
After having been unable to move lower than 82.30 in the previous session, the market found buyers again around the same price level today at 82.44.
Crossing above the upper Bollinger Band for the first time since March 6th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 80.62 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on March 5th, TGT gained 1.18% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Target. Out of 540 times, TGT closed higher 55.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.15% with an average market move of 0.64%.