NEW YORK (TheStreet) -- Shares of Target (TGT) are advancing by 1.13% to $69 in pre-market trading on Wednesday, after the Minneapolis-based retailer raised its quarterly dividend 7.1%. Target hiked its dividend to 60 cents per share from 56 cents per share. The dividend will be payable September 10 to shareholders of record as of August 17. Including the increase announced today, 2016 is expected to be the 45th consecutive year that Target has boosted its annual dividend, according to a company statement. (Full article on TheStreet.com) I am not convinced this dividend hike will be that significant outside of the very short-term. First of all, a dividend hike should bring down price a little, but the market can also react positively if this is something unexpected. But as TheStreet noted, TGT raises dividends every year. The fact remains that brick-and-mortar retailers are having a hard time and investors are looking for better upside companies. Let's take a look at the charts. TGT Daily Chart 6/8(click to enlarge) Price action in 2016 has been a rollercoaster. There was a bullish continuation attempt until the rally was rejected at 84.00. The retreat was just as sharp if not even more so than the prevailing rally, and pushed TGT to a new low on the year, tagging 66.00 before rebounding to 70.00. This is likely a "dead cat bounce", but can also reflect the respect for a long-term rising support seen more clearly in the weekly chart below. TGT Weekly Chart 6/8(click to enlarge) The weekly chart shows a completed double top with one more critical challenge, a rising trendline coming up from the 25.00 low of 2009. The heaviness of the recent dip cautions me away from relying on the rising trendline. Even though I think there could be some short-term upside risk towards 72, I believe there is more likelihood of a bearish continuation, which should open up the 55-55.25 lows of 2014. I think it will take much more than a dividend hike announcement to save TGT from targeting that 2014 low.