TGT — All updates

Um, Target is another one that we've highlighted recently, and that's the one that we're showing here uh today. This is one of those charts that just continues to impress.

I would say a chart-like target strikes me as innocent until proven guilty. Right? We're in a primary uptrend, an accumulation phase of higher highs and higher lows. We're above upward sloping moving averages.

The RSI is is consistently in the bullish range and the relative strength has been fantastic over the last three months, right? Look at the end of May to wear out the end of August.

I mean, three fantastic months of outperformance, particularly in July and August.

First one we got going on is Target. Another great run up since their earnings. Um, they're now up since their earnings, they're up 12%, another 3% today. But overall what I have on target is I had this long-term parallel channel that target was trading in and then with this push here with the catalyst coming up price was starting to push above the midline of this trend line which do act as support and as you see price got a bounce here and then sharply moved into the top upper boundary of this parallel channel and hit it a few consecutive times and broke through and now we're continuously pushing up and now where do we got to find resistance levels where price is going to test as it's as right now you can't see any resistance here.

So we got to go back a few days, a few weeks into 2024 to see where I have some more resistance levels. So for target right now it's at 17044. Let's zoom in a touch more. All right, so right here 17047.

So first there's this pivot top shelf here at 17740. should find some resistance here. I would kind of use this level as maybe a day scalp. And then that's also lining up with a Fibonacci one uh.5 retrace at 17621.

So $1 range for a uh day trade here is where I would short target on a swing basis. I'm looking for let's zoom out so you could see this this pivot top shelf here. Um price got down with this above structure and then buyers stepped in before this level could get tested and then pushed above.

From here price gapped down hugely and then as price tried to revamp it as you see here let's zoom in all these wicks here one two three four coming up into this level and then getting shut down.

So on a swing basis level, this 18117 should be major resistance for a target to the upside. So kind of two levels of attack of how you want to play that short there. So currently having a nice day so far.

I want you to test kind of see this this uh candle body right here moving over here also kind of lines up um with these top of these candle bodies and then the top of this parallel channel.

If price should come down as it should, you know, that's healthy for these stocks. When it comes back down to test this, look for support here as a bounce. So, this treat this as a trend line.

So, price could, you know, kind of lose some steam, some momentum, uh, cool down and then get a bounce off this upper parallel channel. That would happen around 162, 163 kind of depending on as this is dynamic going up. But, all right, that was target.