The last time we highlighted Target Corp (TGT) in our daily stock report, was on August 13, 2024. At that time, the shares were permanently on the downward trend after its peak in late 2021. The shares were deeply rooted in deeply in a deep incomprehensible red zone found in the SIA SIA S&P 500 index. The SIA platform returned a red unfavorable signal on May 18, 2022 for $ 161.61. During our last comment on August 13, 2024, the shares were $ 135.02, which accounted for a reduction in the red unfavorable zone after a decline in price. After that, the shares have continued to weaken and the current closing price is $ 96.58, which means an additional $ 28% drop from 13 August 2024, closing price. This means about 40% of the total decline from May 2022.
This shows that the value of being away from investments in the red unfavorable zone is away. Many counselors can instinctively look for names in the disadvantaged zone with mentality that the shares have been sold and the game is “value to buy”. But “buying value” can actually be “value traps” and the shares may fall even more at the price, which has happened in this (TGT) example. This investigation strengthens the SIA methodology so as not to continue the “contradictory” thinking about names, which does not show any relative strength because the sellers are under control and many market participants do not look at this name.
We dive and analyze a candlestick chart to consider what can Target Corp. to let go for. In August 2021 and in November 202, we see the classic double the best pattern where the stocks hit their heads at $ 240.00 before the long -term decline was realized. The shares were supported by the 100 -Dollaris psychological zone in October 2023, and a short demonstration was formed, where the shares finally reached the ceiling of $ 175 in April 2024 before the downtrend continues again. Last time we see that the 100 -dollar integer support level could not be owned and the shares were lower. The next support can be found in the $ 80.00 area where the shares were already trading in March 2020. The oversight is resistance to $ 100, as the previous support is now becoming a new resistance.
Looking at the candlestick schedule, we will see a permanent downward trend from the end of 2021. In our last August report, we found $ 130, $ 120 and $ 101 as a possible support level. Currently, the shares are already lower than these levels and the new low is at the beginning of the month when the shares were unable to keep the psychological 100 dollar. The next possible support area can now be found $ 87.81 and below $ 79.53. When the shares can move upside down, the resistance is $ 98.89 for a 3-box reversal, closed with a $ 100 integer and a psychological level. If this may penetrate this number, the next obstacle is $ 111.37. Since the SMAX score is 0 from 10, TGT does not show any power to the asset classes.
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