Trading Idea: - Is Target close to Resistance?
Published on Monday, 08 April 2013 08:32 Written by TradersHuddle Wire
New York, April 8th (TradersHuddle.com) - Shares of Target Corporation (NYSE:TGT) are trading very close to calculated resistance at $69.84. The stock ended the trading session at just $68.85, which is near levels that make it difficult to buy or start a position.
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 stock range is defined by its calculated support defined at $58.01 and by the resistance level at $69.84; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Target. However, as the stock pulls back towards $58.01 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $69.84 then traders will get an opportunity to enter the stock as it moves to a higher range.
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