Price action reveals eBay Inc, Booking Holdings, PVH Corp as the stocks to watch as they near pivotal price targets in the near term.
A recap of yesterday's session: Markets completed a mixed session yesterday while Dow Jones gained 0.45% and closed at 34,347. Nasdaq closed at 11,226, a 0.52% change.
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. Check out this rundown of consumer discretionary stocks and their price targets.
EBay now at $45.04 | Forthcoming price target: 75 cents lower at $44.29
The consumer-to-consumer e-commerce giant has almost recovered all its losses from a previous close of $45.23 after dipping down to $44.56 yesterday. Yesterday's 0.42% loss extends an 8 day bearish run in which eBay had already lost $1.79 from its share value. Yesterday's trading volume was 2.33 million shares which is under the 21-day average of 6.19 million.
A month ago, the consumer-to-consumer e-commerce giant fell to a low of $36.81 but has since recovered 22.87%. EBay is currently trading with a market cap of $24.44 billion with an average daily volume of 6.19 million shares. So far in 2022 it has been beating the Nasdaq by 8.34%. $2.38 billion was eBay's last reported revenue with 82 cents being the current EPS.
A convincing break of this target could pave the way for deeper losses.
Buyers pushing Booking Holdings towards its price target of $1,999.53; currently at $1,984.63
Booking Holdings's recent run now faces a major challenge as concentrated supply is likely found at $1,999.53 with price action currently $14.9 away.
Booking Holdings continues a 4 day surge, reaping a total of 3.39%. it was more of the same for Booking Holdings yesterday — hesitant but grinding higher: Booking Holdings closed at $1,984.63 after ranging between $1,963.22 and $1,996.28. The day's trading volume totalled 168,803 shares — under the 21-day average of 398,175.
Buyers pushing PVH towards its price target of $64.14; currently at $63.28
PVH's run now faces a challenge at $64.14, which is only 86 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
PVH Corp is on a 4 day bullish run gaining $2.98 (7.71%). yesterday's session pointed in the same direction — PVH ended Wednesday's session at $61.73. yesterday started with an increase to $63.53, but dropped back and closed at $63.28. Yesterday's trading volume was 634,972 shares which is slightly under the 21-day average of 920,433.
PVH Corp is scheduled to announce earnings results Thursday. The consensus Earnings Per Share estimate is 2.14 and the consensus revenue estimate is $2.23 billion.