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Target Corp (TGT) Remains Bullish

Target has been bearish in 2017, but has been in a rising channel since find a support just below 50 in June. Last week, we saw TGT find support a previous resistance. However, price continued lower this week and tested a rising channel support.

TGT Daily Chart

(click to enlarge)

Channel Support:
- After the 11/9 session, we can see that price bounced off the channel support.
- Note that price also respected the 200- and 100-day simple moving averages.
- Also, the candle is a large bullish engulfing candle.
- Furthermore, the RSI held above 40, reflecting maintenance of the prevailing bullish momentum. 
- These are basically signs of status quo, a bullish yet choppy trend. 
- I think there is upside towards 63-64, with a potential of a new high around 66, which is a previous common support in 2016.