Target Could Be Breaking a TriangleTarget gapped lower on weak earnings four months ago. Now it may be showing signs of the bearish trend continuing.
The main pattern on the retailer is a converging squeeze between the 50-day simple moving average (SMA) and the 100-day SMA. This has produced something of a triangle that TGT is now breaking to the downside.
Today’s chart also features our 2 MA Ratio study with the 8-day exponential moving average (EMA) and the 21-day EMA. The line just turned red, which indicates the fast EMA is below the slow EMA. That could also suggest the shorter-term momentum has turned bearish again.
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