Is Target Trade Over?

Published on Thursday, 26 January 2012 22:06 Written by Christopher Lynn

New York, January 26th (TradersHuddle.com) - Shares of Target Corporation (NYSE:TGT) ended the trading session lower by $0.64 or -1.25% from its previous close. Target's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Target Corporation (NYSE:TGT) operates general merchandise discount stores in the United States. The Minneapolis, Minnesota company operates general merchandise and food discount stores and a fully integrated online business.

Target's current stock range is defined by calculated support defined at $47.25 and by the resistance level at $50.22, which should be used by traders planning their trades.

Traders wanting to establish a position in Target stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Target shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: