Target (TGT) surged to a new high above 72, but failed to hold above 72 as a shooting star candlestick formed on Tuesday. The stock went on to fill Tuesday's gap with a long filled candlestick on Wednesday. This confirms the shooting star and resistance in the 71-72 area.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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