Target spikes - Analysis - 08-09-2022

Target's stock (TGT) surged after the company said it'll cancel its retiring policies, opening the way for current CEO Brian Cornell, aged 63 years old, to maintain his position for another 3 years, with the stock spiking 4.41%, or 7.21 points, settling at 170.79, with trading volumes surpassing 5.2 million shares, above 10-day averages of 3.8 million shares. 

Technically, the stock found support after leaning on the 50-day SMA, while also leaning on the upward correctional short-term trend line, gaining further momentum, as the RSI reached oversold levels. 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 184.00, provided the support of 157.18 holds on.

Open Live Trading Account

Expected trend for today: Bullish