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Target's Stock Looks Like It's About To Breakout

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Target Corp. (NYSE: TGT) shares are trading lower Wednesday despite having good second-quarter earnings. The company reported earnings per share of $3.64, beating the estimate of $3.49. Sales came in at $25.16 billion, beating the estimate of $25.08 billion.

Target was down 1.36% at $251.17 at last check Wednesday afternoon.

Target Daily Chart Analysis

  • The stock looks to have started forming into what technical traders call an ascending triangle pattern.

  • The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.

  • Each of these moving averages may hold as a potential area of support in the future.

  • The $265 price level held as resistance a couple of times, but fell back toward the higher low trendline, with this area of resistance possibly continuing to hold in the future.

  • The Relative Strength Index (RSI) fell lower and now sits at 40. This shows that there was a large increase in the amount of sellers in the stock.

tgtdaily8-18-21.png
tgtdaily8-18-21.png

What’s Next For Target?

Bullish traders are looking to see the stock bounce off of the higher low trendline and head towards resistance. Bulls would then like to see the stock break above resistance and consolidate.

View more earnings on TGT

Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. This could let the stock see a further bearish push and possible change in trend.

See also: HOW TO BUY TARGET (TGT) STOCK

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