It's been more than a year since I posted on Tradingview. Now, I am back with a slightly different strategy.
Most of the ideas I post, won't solely be justified on the technical look, but technical and fundamental outlook. In each case, I will mark whether it ticks one or both boxes.
As you can see, the first idea is Target, which was beaten down over the last two years. After some time, it formed a "Falling Wedge" pattern and broke out with high volume. Both are bullish signs. Now it is going sideways. I believe it is collecting energy for the next move upwards, to which, earnings (05 Mar.) could be the catalyst.
The price target is 181.92 (R1 Pivot) - 25% upside potential Support sits at 142.67 (P Pivot) Support 2: 132.12 (Volume profile - Point of Control) - 9.22% downside potential Open P&L: 2.82
Technicals: ✅ Fundamentals: ✅
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I see 165-175 soon (June) then ill take profits. What do you see short term?
benedekdomotor
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@mattlbrown, TGT is lagging behind the market, making it unsurprising if the broader market corrects, TGT may revisit levels of 142.7 or possibly 132.00. However, such a correction could serve as an opportunity for the stock to gather momentum for its next leg up towards 181.66 in the medium term.
mattlbrown
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I totally agree with that analysis. I personally like it to 165-174 then correct down only to go higher. I may play it up and down. If you look left on the weekly chart, when we approach this area tgt normally shoots to 174 then fall. Can history repeat itself?
benedekdomotor
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@mattlbrown, The 165-174 level is an important level to watch. The volume was crazy at this level. If you're a short-medium term trader, you can play both sides, but if you're a long term believer, I wouldn't get rid of it just to play a few percent down.