A great day for Target stock jumps by 4%

26.02.2022

By Axiory Intelligence

Target closes its best day in 4 months, jumping by 4% ($7.67) to $199.22. Target passed the daily average (3.72 million) with a volume of 3.83 million.

Target is scheduled to announce earnings results Tuesday. The consensus EPS estimate is 2.85 and the consensus revenue estimate is $31.36 billion.

Before Monday's session: S&P 500 went up; it increased by 2.24% and traded at 4,384.65. Target's stock price increased by 4%, while the Consumer Defensive sector gained 2.46% — a positive day for both.

In terms of trend indicators, we can see that at $197.24, Target made an initial breakout above 5 day Simple Moving Average, an indication of a positive trend. The CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. A study of Target's chart pattern shows Target's nearest resistance level is at $211.71, followed by $216.64 at the next level.

Overall, the technical analysis picture suggests Target is neutral for the immediate future, with no clear-cut direction.

This green move in Target's share price coincided with other consumer staples stocks as Procter & Gamble went up sharply, gaining $6.48 (4.27%). This is the largest single-day gain seen recently. PepsiCo went up sharply, gaining $4.59 (2.8%). This is the largest single-day gain seen recently.

Other consumer staples stocks show mixed performance as Coca-Cola climbed to $62.9 and reached a new all-time high.

The company's market cap is $95.45 billion and an average daily volume of 3.72 million; Target decreased by 14.59% this year. So far, it has been doing worse than the S&P 500 by 5%. A study on Target's past performance indicates that it is currently on a downtrend that started around a month ago.

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