Target Breaking Out?

Published on Tuesday, 07 September 2010 06:04 Written by Danny Miller

New York, September 7th (TradersHuddle.com) - Shares of Target Corporation (NYSE:TGT) closed the trading session at $52.83 just above calculated resistance at $52.59 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 was trading in a well defined range with support at $49.37 and resistance at $52.59, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Target's stock is still near the broken resistance level, traders will be focusing on $52.59 to see if the stock holds the breakout without rolling over.