Read up on Amazon, eBay Inc, Nike as they approach key price targets in the near term.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones ended the session at 33,746 after a 0.59% gain. S&P 500 gained 0.48% and closed at 3,965.34.
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.
Amazon now at $94.14 | Forthcoming price target: 54 cents lower at $93.6
Jeff Bezos’s company has almost recovered all its losses from a previous close of $94.85 after dipping down to $92.48 today. Amazon has dropped $5.94 over the past 5 days; today's session continued this downtrend. The day's trading volume totalled 70.52 million shares — slightly below the 21-day average of 104.96 million.
Having set a significant high of $184.8 9 days ago, the tech and retail multifaceted giant is trading 10.11% lower. Amazon's market cap currently stands at $960.39 billion with an average daily trading volume of 104.96 million shares. So far in 2022, it has been doing worse than the Nasdaq by 2.28%. Amazon last reported revenue of $127.10 billion with an EPS of 17 cents.
$93.6 is only 54 cents away for Amazon and might put a stop to its current downtrend.
Buyers pushing eBay towards its price target of $46.31; currently at $45.68
EBay's run now faces a challenge at $46.31, which is only 63 cents away and will be interesting to follow.
While in the midst of a 3 day downtrend, losing a total of 2.85% ($1.55), today may indicate a change of direction; generally flat but with a slight bullish bias, eBay ranged between $45.24 and $46.15 before closing higher at $45.68. The day's trading volume totalled 3.66 million shares — under the 21-day average of 6.61 million.
Nike (NKE) Price target: $103.72 | Last price: $105.44 | Daily range: $104.17 – $107.72
Nike's bearish trend is facing a possible turning point at $103.72, which is only $1.72 away. Will be interesting to follow.
Having lost $1.35 over 3 days, with a marginal improvement upon today's session, without a clear direction, Nike closed at $105.44 while ranging between $104.17 and $107.72. Today's trading volume was 4.39 million shares which is below the 21-day average of 7.79 million.