The Target $Target(TGT)$ stock price gained 2.96% on Wednesday, 16th Aug 2023, rising from $125.05 to $128.75. During the last trading day the stock fluctuated 6.05% from a day low at $127.53 to a day high of $135.25. The price has fallen in 7 of the last 10 days and is down by -3.59% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 million more shares were traded than the day before. In total, 24 million shares were bought and sold for approximately $3.05 billion.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $124.87 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -7.06% during the next 3 months and, with a 90% probability hold a price between $116.05 and $139.04 at the end of this 3-month period.
TGT Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, August 15, 2023, and so far it has risen 2.96%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Target stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $129.54 and $132.27. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Target stock
Target finds support from accumulated volume at $126.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $7.72 between high and low, or 6.05%. For the last week the stock has had daily average volatility of 2.92%.
Our recommended stop-loss: $122.09 (-5.18%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (TGT) For The Trading Day Of Thursday 17th
For the trading day on Thursday, 17th we expect Target Corporation to open at $130.51, and during the day (based on 14 day Average True Range), to move between $125.57 and $131.93, which gives a possible trading interval of +/-$3.18 (+/-2.47%) up or down from last closing price. If Target Corporation takes out the full calculated possible swing range there will be an estimated 4.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $126.99 (1.37%) than the resistance at $130.93 (1.69%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Insiders are positive buying more shares than they are selling in Target
In the last 100 trades there were 771.86 thousand shares bought and 366.98 thousand shares sold. The last trade was made 50 days ago by Sylvester Cara A who sold 427 shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.
Is Target Corporation stock A Buy?
Target holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
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