Pay attention to the following consumer discretionary stocks approaching critical price targets: Travel + Leisure Co., Tapestry Inc, Skechers U.S.A., Inc. are the ones to watch.
A recap of today's session: Leading equity indices in the US rose as S&P 500 ended the session at 4,080 after a 3.09% gain. Nasdaq gained 4.41% and closed at 11,468.
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.
Buyers pushing Travel + Leisure towards its price target of $38.71; currently at $38.87
After dipping down to $37.69, Travel + Leisure Co. regained earlier losses, closing higher at $38.87. Positive signs: after 12 days of being mostly flat, Travel + Leisure closed 1.33% higher today. Daily trading volume (802,587 shares) increased, making up 119% of the 21-day average (676,307).
9 months ago the leisure travel company reached a significant high of $62.06 but has consequently lost 38.19% since then. Travel + Leisure's market cap currently stands at $3.16 billion with an average daily volume of 676,307 shares. $937 million was Travel + Leisure's last reported revenue with $1.28 being the current EPS.
It will be interesting to follow how Travel + Leisure's run now faces a challenge at $38.71, which is only 16 cents away.
Buyers pushing Tapestry towards its price target of $37.62; currently at $37.77
Tapestry's recent run now faces a major challenge as concentrated supply is likely found at $37.62 with price action currently 15 cents away.
11 days and $3 of gains are not enough for Tapestry. Tapestry stayed on track today: the luxury fashion company went up to $37.77, gaining 1.4%. Daily trading volume (4.38 million shares) increased, making up 120% of the 21-day average (3.66 million).
Bullish momentum leaves Skechers flirting with resistance at $41.12
After testing beyond the $41.12 resistance level, Skechers price action is alternating above and below this key level.
Maintaining its 6 days rise (+$1.28), on-trend Skechers closed the session today with more of the same: pronounced bullish sentiment in the market helped the US footwear company to make a notable 4.46% gain today, rising $1.8 and ultimately closing at $42.17. Daily trading volume (3 million shares) increased, making up 200% of the 21-day average (1.53 million).