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Fan Yang

Target (TGT) - Price Action Suggests Upside Above 60

Target $TGT has been in a consolidation, price-bottom mode since March. We recently observed that it is struggling to break above 60 and was testing the resolve of the market in respecting a price bottom. This week, price action is suggesting that TGT will be able to break above 60.

Target (TGT) Daily Chart

(click to enlarge)

Inverted Head and Shoulder:
- The daily chart shows that TGT has completed an inverted head and shoulders pattern, and price has even cracked above the neckline.
- But we saw price retreat and test a rising support as well as the 56.00 support pivot. 
- Meanwhile the RSI dropped to 40. 
- The fact that price held above the trendline, above 56, and the RSI above 40, is a sign that bulls are in control.
- Therefore, I would anticipate a break above 60, with a short-term target to 66 and 70.