Target (TGT-N, Monday’s close US$149.35) declined from US$268.98 in November, 2021 to US$102.93 in October, 2023 (A-B), followed by a recovery to US$181.86 in April, 2024 (C). The rally stalled at the long-term descending trendline (dotted line), and the stock then resumed its primary downtrend toward the US$85 area, where support was established in 2025.
Since the start of the year, Target has moved above its 40-week Moving Average (40wMA), which has also begun to turn higher, similar to early 2024. The key difference is that the stock is now breaking above the long-term descending trendline, suggesting the end of the extended downtrend and the start of a new advance (D).
The US$180 area has repeatedly acted as resistance since 2022, limiting upside potential (shaded area). Only a sustained breakout above US$180 would confirm scope for higher targets.
On the downside, initial support is seen at US$130–132, while a sustained decline below US$118–120 would negate the immediate bullish outlook and suggest further base-building is required.
Point & Figure measurements provide targets of US$155 and US$165, with additional upside potential if momentum continues.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com