On Target with TGT
by Mike Paulenoff
September 19, 2014 • 12:00 AM EDT
Two weeks ago, Mike added Target (TGT) as a short-term trade set-up, seeing, from a technical perspective, that the multi-month base pattern was putting increasing upward pressure on the price structure, and that, from a macro view, TGT represented a defensive play in an otherwise overbought equity market condition.
Mike noted that since its sell-off after lowering guidance on August 5, the stock had moved above its 50- and 200-day EMA's and was approaching a key resistance band. "A climb through the resistance will confirm the breakout from a 10-month base formation that will project towards a 70 target zone in the weeks thereafter."
Trading at 61.06 at the time, Target (TGT) has since rallied 5% to a high of 64.65 on Thursday September 18.
See Mike's latest chart on Target below.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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