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Target on Point to Deliver Big Gains

Target (NYSE:TGT) — This retail giant, which operates about 1,500 Target and SuperTarget general merchandise stores in the United States, is a victim of a slow economic recovery and its stock shows it.

TGT hit a high of over $60 in December 2010, but gapped lower and attempted to stabilize in January at its 200-day moving average. However, same-store sales have shown significant improvement throughout 2011, and the stock has responded by forming a saucer bottom.

In October, its 50-day moving average crossed above the 200-day creating a “golden cross” (a very bullish development). The stochastic is close to being oversold, and so the stock will most likely find solid support at the 200-day moving average just over $50.

TGT pays a dividend yield of 2.34%. The short-term technical trading target is $56, but a break through it could lead to a major move higher.

Trade of the Day - Target (NYSE:TGT)
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