Trading Idea - Key levels for Target

Published on Wednesday, 01 September 2010 05:04 Written by Christian Paolinetti

New York, September 1st (TradersHuddle.com) - Shares of Target Corporation (NYSE:TGT) are trading very close to calculated support at $49.37 with current price action closing at just $51.16 places the stock price near levels where traders will start paying attention.

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 current calculated support defined at $49.37 and by the resistance level at $52.59, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Target's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $52.59 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.