Target Corporation (NYSE:TGT) took another beating today, falling over 5% after the company updated its fourth quarter guidance. Retail sales fell short and investors continue to run from every brick and mortar retailer. Many retailers like J.C. Penney (JCP), Macy's (M) and Sears Holdings (SHLD) are down over 30% in recent months. The sector is starting to look...
Holiday sales this November for Thanks giving would suck for sure. And also same for X-mas and New Year for Target.
TGT TARGET FROM 2015 July high $85 it is slowly trickling down. If you draw a line from that high to 2016 march high you will get a better clear picture. It may not get bankrupt but stock will be in a good position to buy if it breaks 2 support...
TGT is offering a second chance to go long if you missed my call in the Key Hidden Levels chatroom, or if you are not one of my trading signals clients.
Go long at market, stop at 74.13 and aim for 79.81. Risk 0.5-1% per trade idea I post.
Cheers!
Check out my updated track record here: pastebin.com
If interested in my real time whatsapp alerts and swing...
Target is trading below value as we see rotation of the point of control lower; however, bulls have clearly established support noted on volume profile. Looks like a good long and short swing.
Now is a good time to get into Target with little risk! It is near its weekly support of 66.46 and the major trend is still up. The major support on the monthy is around 61 so I would sell if it closes below 65.50 and repurchase at a price closer to 61.
My first price target is 72 within 4 weeks and my second target would be a continuation of the long-term...
Starting to create a new squeeze on TGT. With the pressure of a strong uptrend and recent squeezes, this will come out and go to testing long term highs.
Trading Plan
- Entry Rule; Break Resistant Line $73.80
- Stop loss; Previous day low $72.93
- Target Price @ previous high $78.63
- Reward to Risk ratio 4.82
Warning: Not guarantee the success :)
79/78 weekly bull put spread .10 limit expires this week. Also one could look at next week, 77/76. I'm basing this spread purely on 15 / hour gap + the fact that I am others are trapped and the 100 SMA on the daily and 100/200 sma on the hourly are above spread.
TGT entered my analysis in bearish yesterday 6/9. This gap therefore IS trapping people. One could go bullish now. Stop at $79 or 79.03
Target - mid 80's
Will use this to update my views on Target over time
Currently
- Long term up trending channel
- Significant resistance at channel medium line - this used to act as support prior to 2008, but not acts as resistance
