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Sellers Reduce Exposure to Shares of Target on 2.1x Above-Average Volume (TGT)

Published on Wed, 02/27/2013 - 14:11
By Peter Chu

Shares of Target are trading down 1.4% to $63.18 today on above average volume. About 10.9 million shares have been traded today, as compared to the 30-day average volume of 5.1 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Target share prices have moved between a 52-week high of $65.80 and a 52-week low of $54.68 and are now trading 16% above that low price at $63.18 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.2%.

Target has overhead space with shares priced $63.18, or 8.4% below the average consensus analyst price target of $68.99. The stock should discover initial support at its 200-day moving average (MA) of $61.28 and subsequent support at its 50-day MA of $61.26.

Target Corporation operates general merchandise discount stores in the United States. The Company's merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

By Peter Chu
pchu@fnno.com