Target Corporation (NYSE:TGT) shares are trading higher by $1.70 (3 percent) at $56.05 in Wednesday's session.

The catalyst for the rally is a Q2 EPS beat of 4 cents along with slight revenue beat. Comps were up 1.3 percent.

See Also: Target Impresses The Street In Q2 Report

At this time, Target's much higher opening print of $57.00 stands as the high for the session. That high is just shy of its August 10 high of $57.32. Profit-takers then swarmed the stock, sending it into free-fall.

Eventually it found support just above Tuesday's close ($54.35), only reaching $54.47 and has rebounded back into the $56.00 handle.