Very important day for Target, as it breaks a key 50-year trendline after it has already lost -50% from ATH.
Now crossing a line in of itself is not a big deal. However, how it breaks and what structure it forms after the break matters a lot. This is the 3rd time since 2017 it has tested the trend line. The last time it broke in 2008 it lost 50% of its value. This time may be no different.
The nice thing about Key areas is the risk-reward. Bulls may want to buy, while others may want short.
From my perspective taking everything into consideration (Message of the market, economy, retail, money expansion etc..) I would take the short and force the burden of proof on the bulls to push the price back into structure.
From a different perspective, TGT breaking this key area is bad JUJU for the economy. The consumers may be in trouble along with the unemployment rate.
Now crossing a line in of itself is not a big deal. However, how it breaks and what structure it forms after the break matters a lot. This is the 3rd time since 2017 it has tested the trend line. The last time it broke in 2008 it lost 50% of its value. This time may be no different.
The nice thing about Key areas is the risk-reward. Bulls may want to buy, while others may want short.
From my perspective taking everything into consideration (Message of the market, economy, retail, money expansion etc..) I would take the short and force the burden of proof on the bulls to push the price back into structure.
From a different perspective, TGT breaking this key area is bad JUJU for the economy. The consumers may be in trouble along with the unemployment rate.
Comment:
BINGO!
Comment:
Target is down another 3.5% today.
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