Don't Ignore This Chart!

Target Hits a Wall of Resistance

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Target (TGT) surged to resistance in the 51.5-52 area for the third time in five weeks and formed a long black candlestick. A black (filled) candlestick means the close or current price is below the open. This means TGT opened at 51.74 on Thursday and moved lower after this open. Notice that this is the third black candlestick and resistance extends to the May high.

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Arthur Hill
About the author: , 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. Learn More
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