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Bullish Flag Forms for Forgotten Retailer Rebounding off Tough Year

by | Jan 25, 2024

Target (TGT) shares are showing great relative strength near recent highs as a bull flag nears a breakout above monthly value area and closed at highs Thursday above 142 with MACD near a bullish cross and RSI staying above 50 on the recent consolidation. Upside can see a rally push to 150 with a nice volume pocket up towards 153 top of yearly 2023 value area. This week large, unusual buyers of over 7000 March $150 calls at $2.86 and sold 10k of the April $160 calls in spreads, looking for a higher move with 160 likely a ceiling into Q1.

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