TGT - From Outter Space - 45 Year Log Chart - Part 2 of 2Daily view shows that short term we are overbought.
Weekly view better confirms TGT overbought with RSI trend maxed out, Fisher Transform making wedge pattern, with next trend being bearish.
Based on the chart, I see we pullback to close the first gap (red box) which lands on the white line channel.
Then ride white channel up for a week or two, fall back into the second white channel, and then continue up to yellow top resistance line.
TGT moves VERY SLOW.
Basically:
- short term BEARISH - overbought RSI, pullback to red box.
- intermediate term BULLISH - until possibly May 2020. Some pullbacks in between.
- long term BEARISH - after price hits yellow resistance. This is best time to enter in my opinion. Knowing the only direction next is down.
Again, TGT is slow so it is best to plan entries on a weekly chart. You may be in this position longer than expected.
I am not in the position currently. If I enter, I will update charts.
I really apologize for yesterday after positing Part 1 of 2. I was notified that no user is allowed to post over 10 charts per day.
I would not have posted Part 1 without Part 2. I did not know about the 10 chart limit. This will not occur again. Thank you for your support.
The yellow resistance lines are strong support as seen in the Part 1 of 2 chart below. I consider 45 years strong. LOL
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
