Swing Trade Idea (TGT) – March 11, 2021
Our bullish trade for Thursday, March 11th is Target Corp (TGT). TGT is part of the Discretionary Sector (XLY). XLY has experienced a 5.5% decline as price pulled back and rejected its 100 D MA providing evidence of further upside.
TGT has recently pulled back to an area of support at $168 and bounced higher with strong momentum providing a good risk/reward for a long entry. With a technical score of 5 (out of 10), TGT is a neutral stock that will likely move higher.
As a stop loss, if TGT were to trade below $168 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $15.10.
