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Sharp Selloff for TGT With $102.86 Target

Written By: ChartChamp

November 20, 2024

I believe Target is struggling in this high interest rate environment because US consumers are turning to more affordable retail goods from stores like Costco. Target tends to overcharge for products, and I think the situation has gotten significantly worse due to inflation. Target reported the worst earnings in 2 years, which is raising concerns that Target is losing market share. At the same time Costco has been booming. I would keep this trend in mind before considering any investment in Target. I personally wouldn’t want to buy Target because I see the business going downhill. For those of you who do believe in Target, I think there is a sharp selloff forming. I would follow the 3 day rule of giving the stock 3 days to bottom out and find some price stability first. TGT is currently losing support at $125.34 and $102.86 is my next key support level.

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