Target's Stock Shows Double Bottom Pattern, Oversold RSI Ahead Of Q2 Results: Anticipating The Next Move
Portfolio Pulse from Piero Cingari
Target Corporation's (NYSE:TGT) stock price has created a double bottom pattern, falling to $125, a low last seen in June. The company is set to release its Q2 financial results on Aug. 16, with analysts expecting an EPS of $1.43, nearly double from the same quarter last year. However, revenue forecasts project a slight decline to $25.2 billion. The stock's price recently dipped below the crucial support at $128, and the relative strength index (RSI) has entered the oversold territory. The company's year-to-date decline stands at 17%, with a drawdown of over 50% from its peak in November 2021.
August 15, 2023 | 8:44 pm
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Target's stock price has fallen to a low last seen in June, and the RSI has entered the oversold territory. The company's Q2 results, due on Aug. 16, could potentially influence the stock's performance. The year-to-date decline stands at 17%, with a drawdown of over 50% from its peak in November 2021.
The double bottom pattern and oversold RSI indicate a bearish trend for Target's stock. The upcoming Q2 results could either exacerbate this trend if they underperform expectations, or potentially reverse it if they outperform. The company's significant year-to-date decline and drawdown from its peak also contribute to the negative outlook.
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