Pay attention to the following consumer discretionary stocks approaching critical price targets: Ford Motor Co, Whirlpool Corp, Alibaba are the ones to watch.
A recap of yesterday's session: Leading equity indices in the US declined as Nasdaq closed at 11,000, a 1.03% change. S&P 500 lost 0.75% and ended the session at 3,872.
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. Let's review some consumer discretionary stocks and their price targets.
Ford Motors's Price target: $13.54 | Last close: $13.37 | Daily range: $13.14 – $13.51 | Off hours: $13.38
Ford Motor Co's recent run now faces a major challenge as concentrated supply is likely found at $13.54 with price action currently 17 cents away.
Ford Motors is on an 8 day uptrend, gaining a total of 13.59%. yesterday's session pointed in the same direction — pronounced bullish sentiment in the market helped Ford to make a notable 0.83% gain yesterday, rising 11 cents and ultimately closing at $13.37. The day's trading volume totalled 53.30 million shares — slightly below the 21-day average of 68.20 million.
Ford Motors released its quarterly earnings report Wednesday, beating analysts estimates. The company reported earnings of 0.51 per share on revenue of $39.39 billion, topping estimates of 0.31 per share on revenue of $36.25 billion. Since the release of its earnings report, Ford Motors gained 4.21%.
Whirlpool's price target: $135.94 | Last close: $138.24 | Daily range: $136.16 – $139.13 | Off hours: $138.24
Whirlpool's run now faces a challenge at $135.94, which is only $2.3 away and will be interesting to follow.
Though in the midst of a 6 day uptrend, gaining a total of 5.35%, ($8.69), yesterday's session suggests run might be coming to an end — after ending Friday at $139.91, Whirlpool declined to $136.16 yesterday before closing at $138.24, thereby losing 1.19% in total. The day's trading volume totalled 970,521 shares — slightly under the 21-day average of 983,896.
Alibaba's price target: $62.92 | Last close: $63.58 | Daily range: $63.22 – $64.85 | Off hours: $63.59
$62.92 is only 66 cents away for Alibaba and might put a stop to its current downtrend.
Having fallen $4.77 in 4 days, yesterday's session continued down the same path: slightly down but mostly flat: Alibaba ranged between $63.22 and $64.85 before closing at $63.58. The day's trading volume totalled 20.52 million shares — slightly under the 21-day average of 25.15 million.