TGT pushes through 50-day moving average
TGT ended Monday at 72.00 gaining $0.48 (0.67%). Trading up to $0.47 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.96 (1.33%), that's far below last trading month's daily average range of $1.70. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Prices are trading close to a key support level at 71.41.
Target Corp. shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 50-day moving average at 72.00 today for the first time since April 10th.
Buying could accelerate should prices move above the nearby swing high at 73.59 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 71.14 where further sell stops might get activated.
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.
|Very Strong Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|RSI(2) above 80||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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