I wrote about Target as a long-term idea last February in this post, looking for a major breakout. On the back of Wal-Mart stock’s recent success, which I was looking for last October, I believe Target is in a good position to surprise those calling for the death of major, big-box retailers. When I first wrote about Target, it was trading at $55. Even though it is slightly higher now, the gist of the chart is that it is still working through a massive symmetrical triangle, as you can see below. I want to see the stock clear $59 with an uptick in buying volume to start to play for a big, long-term breakout. It might very well take a while to materialize given the current corrective nature of the market, but then again this is a long-term idea. If the stock loses $52, I would call the whole thesis into question.
______________________________________
