Target stock price fell 5.37% in the current week and formed a bearish pattern. It faced rejection from the $14.00 and continued the downward momentum.
TGT stock price is in a downtrend and trading below the 50-day and 200-day EMA. The short-term pullback is getting sold off from higher levels indicating the sellers are active.
In the mid-September, Target Corporation stock price broke down the crucial support of $120.00. It triggered the panic sell-off and the price began to decline by forming lower lows.
The downfall in the TGT stock prices halted near to the near $100.00 and buyers came forward to push the price higher. In the last two weeks, prices consolidated in the narrow range between $100.00 to $114.00.
Buyers tried multiple times to break the higher range and expand upward. But sellers used the pullback as a shorting opportunity and dragged the prices down.
On the lower side, $100.00 is acting as immediate support for the bulls. Until it gets broken down, it will be risky to create fresh shorts. Target stock price closed the previous sessions at $106.79 with an intraday decline of -2.79.
Target Stock Price Prepares to React in Q3 Earnings
Target stock price is inside the sellers’ radar and no reliable signs of upward reversal are visible. The third quarter earnings are scheduled for November 15, 2023.
Market analysts predicted an EPS of $1.47 and revenue of $25.288 Billion. If Target Corporation succeeds in beating the analyst estimates, then the stock price might react positively and may show a short-term bounce.
On the other hand, if the company disappoints in earnings, then the $100.00 support level will be at high risk.
Volatility in TGT Stock Price May Rise
TGT stock price spent time in the narrow range consolidation. The next direction of the stock will be visible after the release of quarterly earnings. Moreover, the volatility in the stock may rise so investors must be careful in the coming few sessions.
The MACD curve loses momentum near the zero line and may generate a negative crossover. It indicates bearishness and more downfall is possible.
The RSI at 40 slopes down denoting weakness. If the price declines further, then RSI may enter into the oversold territory.
Conclusion
Target stock price is in a correction phase and forming a bearish pattern. However, the quarterly earnings are near so volatility in the stock may rise. The analysis suggests that TGT stock price is inside the bears’ grip and the probability of a $100.00 breakdown is high.
Technical Levels
- Resistance levels: $120.00 and $128.00
- Support levels: $101.94 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/10/target-stock-price-analysis-will-tgt-stock-slips-below-100/