Target Is in a Well Defined Range
Published on Wednesday, 05 December 2012 07:12 Written by TradersHuddle Wire
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.
- CSX Named To Dow Jones Sustainability Index For Third Consecutive Year
- Mid-Atlantic Industrial Rail Park Receives CSX Select Site Designation
- CSX Corporation Chief Financial Officer to Address Citi's 2013 U.S. and European Industrials Conference
- Critical Alerts For Starbucks, SunPower, CSX, Groupon, and Tyson Foods Released By InvestorsObserver
- National Gateway Completes Phase One Clearance, Applauds Partners
- CSX and Environmental Defense Fund Fellow Foster Innovation, Promote Energy Savings
- CSX Awards Northwest Ohio Community with Partnershipping Award
- CSX Acquires Eastern Associated Terminal in Tampa
- Critical Alerts For CSX, Broadcom, Groupon, Sears, and Organovo Released By InvestorsObserver
- Tuscola Industrial Rail Park Receives CSX Select Site Designation
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines