Pay attention to the following communication services stocks approaching critical price targets: NetEase, DISH Network Corp, DoorDash, Inc. are the ones to watch.
Yesterday's session summary: Markets had an interesting day yesterday; Dow Jones ended the session at 32,827 after a 1.31% gain. S&P 500 gained 0.96% and closed at 3,806.8.
What is a Price Target?
A price target is the projection of an asset's future price. The concepts of trading levels support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. These price rates, or targets, are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction. Assets that are on a trend and are nearing one of their lines are selected for this article. Check out this rundown of communication services stocks and their price targets.
NetEase now at $62.63 | Forthcoming price target: $1.41 lower at $61.22
NetEase is eyeing the $61.22 support line.
In the midst of a 6 day bullish trend, yesterday's session put the brakes on the ongoing uptrend — a mostly flat day so far for the Chinese Internet content and gaming company, range-bound between $61.74 and $64.56 and currently at $62.63. Yesterday's trading volume was 1.59 million shares which is slightly under the 21-day average of 2.23 million.
Buyers pushing DISH towards its price target of $13.87; currently at $14.67
Dish Network's run now faces a challenge at $13.87, which is only 80 cents away and will be interesting to follow.
Bullish sentiment helped DISH to hammer out a noteworthy $13.53 to $14.73 range yesterday, and finally closing at $14.67 to end the session. Daily trading volume (8.34 million shares) increased, making up 167% of the 21-day average (4.98 million).
DoorDash's target is $56.26, currently at $52.1
DoorDash's run now faces a challenge at $56.26, which is only $4.16 away. This should be interesting to follow.
5 days and $8.04 of gains were not enough. DoorDash lived up to expectations yesterday by maintaining its set course — after closing at $51.57 on Friday, DoorDash rallied as high as $54.56 but ended the day at $52.1. Daily trading volume (8.52 million shares) was slightly above the current multiday average of 6.67 million.
DoorDash reported earnings results Thursday, with EPS at -0.77 and revenues at $1.70 billion; these results are mixed when compared to a consensus of -0.6 Earnings Per Share and $1.63 billion revenue. Since the release of its earnings report, DoorDash gained 15.47%.