When we looked at the charts of Target Inc. (TGT) on March 1 just ahead of the company's earnings figures, we concluded that "...the charts suggest we might see a dip. I would stand aside through this earnings release."
The shares did decline sharply in the following days but quickly bottomed on March 5. TGT has gone up to make new highs the past two weeks so let's review the charts again.
In this updated daily bar chart of TGT, below, we can see that prices have broken out over their January peak. TGT is trading above the rising 50-day moving average line and the rising 200-day line.
The On-Balance-Volume (OBV) line shows a new rise from early March telling me that buyers of TGT are being more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line but we now see some slight narrowing of the two moving averages.