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Target Corporation
Long

TGT Potential Breakout

By HeathHimself
Updated
TGT is testing its highs with an inverse head and shoulders and ascending triangle. WIth a break out confirmed on a close, the top of the ascending channel it is in, the measured move of the ascending triangle, and fib extensions all together give profit taking areas as well as reasonable stops. TGT does not report earnings until August 11th. Unfortunately, this trade setup gets no help from the oscillators.
Comment
Our oscillators, which previously were giving us no help, may be turning against us. If we can't develop significant positive momentum on the MACD, we will have confirmed Class A Bearish Divergence on that oscillator. It's not as worrisome as it would be if the RSI was also in agreement, but this trade didn't have much convergence with it from the start, so I don't like seeing it.
Comment
Within one day, we have surpassed our first target and approached our second target.
Trade closed: target reached
Well. Does Target know any limits?
Chart PatternsTGT
HeathHimself
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