0LD8 trade ideas
TGT - Heading into the holidaysTarget is setting up with a nice bull flag before the holiday season. It has a little bit more of a gap to fill which is sitting right at the 61.8 fib level measured from the June pullback. I think we will see a little bit more downside next week and I am hoping for a nice bounce and break of the upper trendline with strong volume.
As always, I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. Good Luck!
Target - Pullback tradeThe markets have been selling off over the past few days, leaving most of the sectors in the S&P 500 in the red. A stock that caught my eye today was Target. The discount store's stock prices have been trading near it's 21 day exponential moving average only dipping beneath it temporarily throughout intraday trading sessions. Despite the warning signs of what could be another big sell off, I choose to remain bullish on TGT and consider this to be a pullback trade setup. Of course, we might see price dip below the 21 as it has in the past...but that doesn't seem to be more than a day or two. If it does... then consider the possibility that Target is reversing rather than pulling back.
Options speculators should consider the chance of a broad market selloff and at think about using spreads rather than directional plays. If you are trading the stock, plan your trade and trade your plan. Only you know what you can afford.