Pay attention to the following consumer staples stocks approaching critical price targets: Campbell Soup Co, Newell Brands Inc, Sysco Corp are the ones to watch.
A short overview of the current market situation: The leading indices are dropping — Dow Jones drawing back 0.64% to 33,634. S&P 500 slipping 0.32% and closing at 3,945.
What is a Price Target?
A price target is the projection of an asset's future price. Support and resistance lines are important components of technical analysis used in predicting a price target because they prevent an asset from being pushed beyond a certain limit. When an asset drops in value it nears its support line, and when it increases in value it comes closer to its resistance line. Assets that are on a trend and are approaching one of their lines are selected for this article. Take a look at these consumer staples stocks and their price targets.
Campbell Soup (CPB) Price target: $52.31 | Last price: $52.48 | Daily range: $52.15 – $52.74
Bearish run for Campbell Soup Co is facing a possible turning point at $52.31, which is only 17 cents away. If this support line fails to hold, the next target will be at $52.
During an 11 day uptrend, Campbell Soup gained a total of $3.98, or 7.89%. now turning against its recent performance, the food and beverage manufacturer is recovering some losses, but is not all the way back to $52.62, after dipping down to $52.15 today.
Campbell Soup is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 0.87 and the consensus revenue estimate is $2.40 billion.
Newell Brands (NWL) Price target: $12.71 | Last price: $12.52 | Daily range: $12.45 – $12.86
Newell Brands's downtrend might be halted by its support level at $12.71, which is only 19 cents away.
Newell Brands has been losing ground for 3 days, shedding a total of 6.25% of its value. more of the same today: the US-based brand accumulator drops 2.76% in early trade and remains within touching distance of the $12.52 level.
Sysco (SYY) Price target: $84.57 | Last price: $84.85 | Daily range: $84.53 – $85.5
$84.57 is only 28 cents away for Sysco and might put a stop to its current downtrend.
In the last 5 days, Sysco has lost a total of 2.31% of its value. similar trend today: after dipping as low as $84.53, the food distributor is recovering ground lost since the previous session close ($85.09); currently trading at $84.85.