November 6 Chart of the Day - Target
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Target (TGT) has been under intense selling pressure for months, pushing price toward long-term support levels as traders brace for the company’s upcoming earnings later this month.
With the market searching for signs of stabilization, the key question is whether earnings can provide enough strength to stop the slide and establish a meaningful bottom — or if sellers will keep control heading into year-end.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 650+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
On the monthly chart, Target’s multi-year decline from its $268 high shows how quickly sentiment can reverse when a strong uptrend loses momentum.
Price is now hovering just above long-term support near $80, with a trendline that dates back more than a decade serving as a potential make-or-break level for bulls.
If this zone holds, it could represent the early stages of a bottoming process. But a clean break below $80 could trigger another leg down toward the $70 region, where deeper value buyers may start to emerge.
This area represents a key inflection point where long-term investors and short-term traders will be closely watching for signs of reversal or renewed selling pressure.
With plenty of volatility traders have had much to be happy with but long term buy and hold investors have been hugely disappointed.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
The weekly chart highlights the steady stair-step pattern of lower highs and lower lows that has defined Target’s structure over the past two years.
After briefly reclaiming $100, price failed to sustain momentum and has since pulled back near the $90 area.
The next key support zone sits near $80, while resistance remains around $100–$105. A sustained close above $105 could signal a potential shift in momentum, setting up a run toward $122 — the 61.8% retracement of the recent impulse Fib.
Until then, the burden remains on the bulls to prove that this downtrend can be broken.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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