Stock: Target Corp (TGT)
Long or Short: Short
Reason for Trade: It is slim pickin's out there right now if you are looking for short setups, unless you like shorting the freight-train parabolic stocks, in which case you have plenty to choose from. I personally look for the stocks, that have not participated in the current rally like you'd have expected it to.
Case in point is Target Corp (TGT) which despite the small rally it has had since the beginning of the year, has nonetheless failed to break through the resistance overhead. I'm keeping risk tight as always with my stop-loss at $62.35. So should this market continue to rally, I will still have all the longs that I am profitable on already, without giving up much on the shorts that I may get stopped out on.
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Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>