TGT closes below its opening price unable to hold early session gains
Target Corporation (TGT) Technical Analysis Report for Oct 16, 2020 | by Techniquant Editorial Team
TGT finished the week 0.74% higher at 164.92 after edging lower $0.54 (-0.33%) today on high volume, slightly underperforming the S&P 500 (0.01%). Trading $1.34 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 8th, TGT actually gained 1.14% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TGT as at Oct 16, 2020):
Friday's trading range has been $2.89 (1.74%), that's slightly below the last trading month's daily average range of $3.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for TGT.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Target. Out of 527 times, TGT closed higher 52.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.55% with an average market move of 0.81%.