Costco, Target, Mondelez International, among others, are the consumer staples stocks approaching important price targets.
Here's an update with information from the last trading session: Markets closed higher Wednesday, as Nasdaq ended the session at 11,300 after a 0.99% gain. S&P 500 closed the day at 4,027.26, having gained 0.59%.
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 staples stocks and their price targets.
Costco's Price target: $537.39 | Last close: $534.49 | Daily range: $530.5 – $536.8 | Off hours: $534.49
Costco's recent run now faces a major challenge as concentrated supply is likely found at $537.39 with price action currently $2.9 away.
Maintaining its 16 days rise (+$48.44), Wednesday's session pointed in the same direction — Costco spiked to $536.8 Wednesday and consolidated before initiating a fresh rally to $534.49. This comes following Tuesday's session in which it closed at $531.95. The day's trading volume totalled 1.29 million shares — slightly under the 21-day average of 1.94 million.
Target's Price target: $165.62 | Last close: $163.41 | Daily range: $158.25 – $164.14 | Off hours: $163.41
Target's run now faces a challenge at $165.62, which is only $2.21 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Having added to its 16 cents increase during 3 days of gains, on-trend Target closed the session Wednesday with more of the same: after ending Tuesday at $157.86, Target spiked to $164.14 Wednesday, dropped back to starting point range, and rallied again to $163.41. Wednesday's trading volume was 4.66 million shares which is slightly below the 21-day average of 6 million.
Buyers pushing Mondelez towards its price target of $66.87; currently at $66.67
Mondelez's run now faces a challenge at $66.87, which is only 20 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
8 days and $2.21 of gains are not enough for Mondelez. Wednesday continued on the same track for Mondelez — the Oreo and Toblerone snack food company went up to $66.67, gaining 0.54%. Wednesday's trading volume was 3.24 million shares which is lower than the 21-day average of 6.50 million.