Target (TGT) Scores a Bullseye While Consumer Discretionary Cycle Remains Bullish
Target (TGT) was among a group of retail stocks Tuesday that we have been trading in recent weeks. Strength in this gorup has helped push the bullish Consumer Discretionary cycle a bit higher.
Target (TGT) Technicals
Volume exploded (+384%) after the August 22 earnings announcement. Target beat by expectations by 20%. MACD is rising steadily, with the bulls in control. Momentum indicators remain above the zeroline since mid-May. PE ratio = 18.
Meanwhile, Walmart (WMT) is consolidating recent gains. Dollar General (DG) printed fresh 52 week highs. Urban Outfitters (URBN) rose on above average volume (+44%). Ross Stores (ROST) tagged 52 week highs as well, threatening a breakout on above average volume (+14%).
Home improvement giant Home Depot (HD) and Lowes (LOW) both closed higher.
These are only a few that we are either swing trading or considering as candidates.
Target (TGT) – Funds Adding
We can see that funds own 43% on the outstanding shares. They’ve also been adding Target (TGT) to their portfolios at a steady rate since (June-17). 130 firms added the stock in the latest recorded period (June-18). RS Line is rising (90).
We’ll be watching retail stocks this week. Dips are opportunities where we will consider adding. Stay tuned this morning for more thoughts on these stocks.
Additional stocks on watch:
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