New York, December 5th (TradersHuddle.com) - Target Corporation (NYSE:TGT) closed the trading day at $61.99, near its 50 day and 200 day moving averages set at $62.97 and $60.09 respectively. Target's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Target and wait for the stock to break out above its 50 day moving average at $62.97. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $60.09 breaks, it could signal further downside pressure for Target.
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