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Trade of the Day: Target (TGT)

The stock looks poised to challenge its prior highs near $78

By John Jagerson and Wade Hansen, Editors, Strategic Trader

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Today, we’re opening a new bullish trade on Target (NYSE:TGT). President Trump’s surprise announcement this week about easing ZTE’s problems was unexpected, but it likely bodes very well for easing trade tensions with China. This is a good thing for discount retailers and apparel stocks.

We like TGT as a way to take advantage of this shift, as the stock has bounced up from support and looks poised to challenge the prior highs near $78 per share before its earnings report.

On Monday, the stock showed positive momentum on an otherwise flat trading day, which is another good sign for this shift in the industry, and we expect rebalancing in favor of some of the bigger names in the group.

Buy to open the TGT June 75 Call (TGT180615C00075000) for a maximum price of $1.60.

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InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.

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