TGT Technical Breakdown — August 1st
Target (TGT) remains within a well-defined ascending channel that began forming around April 9th, showing a consistent pattern of higher highs and higher lows. Today, price action has touched the lower trendline support of this channel near $99.50, which also coincides with a key psychological level.
While this area has historically attracted buyers, yesterday’s post-earnings reaction, which saw the stock fall several points, raises major concern about potential bearish sentiment in the short term. This makes the next move crucial.
Trade Plan & Critical Levels
🔎 Entry Trigger: I’m not entering yet. My entry will only be considered at $100.55, and even then, only if the price breaks this level with conviction — specifically, I want to see a strong bullish "power candle" to validate buyer momentum.
🛑 Stop Loss: $97.50 — just below the current trendline and a key invalidation point for this bullish structure.
📈 Targets Upon Confirmation:
$103.63
$105.00
$107.00
$108.73
Summary
The structure is still bullish, but yesterday’s earnings-driven drop introduces caution. $100.41–$100.55 remains the "must-break" zone. If bulls can clear this level with strength, momentum could carry the stock to the above targets. Otherwise, failure to hold the $99.50 support could see a breakdown toward the $97.50 area or lower.
Target (TGT) remains within a well-defined ascending channel that began forming around April 9th, showing a consistent pattern of higher highs and higher lows. Today, price action has touched the lower trendline support of this channel near $99.50, which also coincides with a key psychological level.
While this area has historically attracted buyers, yesterday’s post-earnings reaction, which saw the stock fall several points, raises major concern about potential bearish sentiment in the short term. This makes the next move crucial.
Trade Plan & Critical Levels
🔎 Entry Trigger: I’m not entering yet. My entry will only be considered at $100.55, and even then, only if the price breaks this level with conviction — specifically, I want to see a strong bullish "power candle" to validate buyer momentum.
🛑 Stop Loss: $97.50 — just below the current trendline and a key invalidation point for this bullish structure.
📈 Targets Upon Confirmation:
$103.63
$105.00
$107.00
$108.73
Summary
The structure is still bullish, but yesterday’s earnings-driven drop introduces caution. $100.41–$100.55 remains the "must-break" zone. If bulls can clear this level with strength, momentum could carry the stock to the above targets. Otherwise, failure to hold the $99.50 support could see a breakdown toward the $97.50 area or lower.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.