Target Stock Forecast
Target stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Target stock price fell by -0.544% on the last day (Thursday, 25th Apr 2024) from $165.34 to $164.44. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.21% from a day low at $163.18 to a day high of $165.15. The price has fallen in 7 of the last 10 days and is down by -4.02% for this period. Volume has increased on the last day by 594 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $466.15 million.
Given the current short-term trend, the stock is expected to rise 21.28% during the next 3 months and, with a 90% probability hold a price between $199.43 and $227.23 at the end of this 3-month period.
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TGT Signals & Forecast
There are few to no technical positive signals at the moment. The Target stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $166.11 and $169.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -7.52%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Target stock
On the downside, the stock finds support just below today's level from accumulated volume at $150.49 and $142.33. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Target finds support just below today's level at $150.49. If this is broken, then the next support from accumulated volume will be at $142.33 and $141.52.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.97 between high and low, or 1.21%. For the last week, the stock has had daily average volatility of 1.26%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TGT) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Target Corporation to open at $164.26, and during the day (based on 14 day Average True Range), to move between $161.30 and $167.58, which gives a possible trading interval of +/-$3.14 (+/-1.91%) up or down from last closing price. If Target Corporation takes out the full calculated possible swing range there will be an estimated 3.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $168.58 (2.52%) than the support at $150.49 (8.48%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Target Corporation stock A Buy?
The Target stock holds several negative signals and despite the positive trend, we believe Target will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.657 Sell Candidate Downgraded
Predicted Opening Price for Target Corporation of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $164.26 ( 0.112%) | $164.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TGT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 166.23 | 1.09 % | |
| R2 | 165.47 | 0.629 % | ||
| R1 | 165.01 | 0.346 % | ||
| Current price: | 164.44 | |||
| Support | S1 | 163.50 | -0.570 % | |
| S2 | 163.04 | -0.85 % | ||
| S3 | 162.28 | -1.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 173.54 | 5.53 % | |
| R2 | 172.66 | 5.00 % | ||
| R1 | 168.58 | 2.52 % | ||
| Current price | 164.44 | |||
| Support | S1 | 150.49 | -8.48% | |
| S2 | 142.33 | -13.45% | ||
| S3 | 141.52 | -13.94% |
TGT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 13, 2024 | May 14, 2024 | Jun 10, 2024 | $1.10 | 0.669% |
| 2 | Feb 20, 2024 | Feb 20, 2024 | Mar 10, 2024 | $1.10 | 0.648% |
| 3 | Jan 17, 2024 | Jan 19, 2024 | Mar 10, 2024 | $1.10 | 0.648% |
| 4 | Sep 20, 2023 | Nov 14, 2023 | Dec 10, 2023 | $1.10 | 0.81% |
| 5 | Jun 15, 2023 | Aug 15, 2023 | Sep 10, 2023 | $1.10 | 0.89% |
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