Saturday, May 12, 2007

TGT Analysis for 05.12.2007

Monthly chart shows selling the last 4 months. Support current right at the 8ema. Back end resistance did not offer much support.

Weekly chart shows doji candle formation, indicating slowing down of the selling pressure. Possible 5 waves up into high at $64.74. If we have 5 waves up, then look for abc correction into the .618 fib at $52.35 area.

Daily chart shows price to be trading below all moving averages, except the 200sma, which is currently just a little below current trading price. Stock on watch list for next week.

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