Target stock surges after Jefferies upgrade

Target (TGT.US) shares jumped over 5.0% during today's session after Jefferies upgraded its investment stance on the big box department store chain to 'buy' from 'hold' as it expects that company will benefit from an easing of supply chain issues and improved inventory positioning. Target shares had risen yesterday following upbeat comments from CEO Brian Cornell at a Yahoo Finance conference.

Target (TGT.US) stock launched today's session with a bullish price gap, however buyers struggle to break above major resistance at $160.00, which is marked with 61.8% Fibonacci retracement of the upward wave started in March 2020 and 50 SMA (green line). As long as price sits below the aforementioned level, another downward impulse may be launched towards recent lows at $137.00. Source: xStation5