Since bottoming out in the red zone in February, retailer Target Corp. (TGT) has steadily been making its way back up the rankings in the SIA S&P 100 Index Report, recently returning to the Green Favored Zone for the first time since December. Yesterday, it finished in 16th place, up 2 spots on the day and up 16 positions in the last month.
A major turnaround is underway in Target Corp. (TGT) shares. Between February and April, TGT completed a bullish Reverse Head and Shoulders base. The head of the pattern saw a selling climax followed by a breakaway gap to the upside on a big spike in volume, which indicated a decisive change in sentiment. Earlier this month, TGT broke through the $230.00 neckline to complete the base and signal the start of a new recovery trend which continues to this day.
Resistance could initially appear in the $260.00 to $267.50 area near the previous peak, followed by $275.00 based on a measured move and then the $300.00 round number. Initial support appears at the recent breakout point near $230.00.
Back in February, a selloff in Target Corp. (TGT) shares was contained at a higher low, keeping its primary uptrend intact. Since then, accumulation has resumed with the shares completing two bullish Double Top breakouts and successfully retesting uptrend support again this month.
Initial upside resistance may appear at the November peak near $269.05, followed by the $297.05 to $303.00 zone where two horizonal counts cluster near the $300.00 round number, and then $321.50 based on a vertical count. Initial support appears near $229.65 based on a 3-box reversal.
With a bullish SMAX score of 6, TGT is exhibiting strength against the asset classes.
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