Pay attention to the following consumer staples stocks approaching critical price targets: Walmart, Coca-Cola, Target are the ones to watch.
Yesterday's session summary: Leading equity indices in the US declined as S&P 500 lost 2.5% and ended the session at 3,759.69. Nasdaq slipped 3.36% and closed at 10,525.
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 consumer staples stocks and their price targets.
Walmart's price target: $140.94 | Last close: $140.75 | Daily range: $140.7 – $143.56 | Off hours: $140.71
A persuasive break of this target could lead to higher losses.
Over the last 3 days, Walmart has fallen 1.24%. yesterday's session continued the recent downtrend: after ending Tuesday at $141.69, Walmart went up to $143.56 only to drop back to its starting point and close at $140.75. Yesterday's trading volume was 4.94 million shares which is slightly below the 21-day average of 5.40 million.
Coca-Cola's price target: $58.31 | Last close: $58.81 | Daily range: $58.77 – $60.23 | Off hours: $58.8
A convincing break of this target could pave the way for deeper losses.
Having fallen $1.12 in 4 days, yesterday's session continued down the same path: an influx of sellers pushed the soft drinks giant to end the session lower around $58.81, while establishing a $58.77 to $60.23 session range yesterday. Yesterday's trading volume was 13.85 million shares which is slightly below the 21-day average of 15 million.
Target's price target: $162.45 | Last close: $160.2 | Daily range: $160.08 – $165.89 | Off hours: $160.35
Early in yesterday's session, Target dropped to $160.08 from $164.59 at the end of Tuesday, before closing at $160.2. During the session, it lost 2.67%.
Yesterday's fall added to a 3 day bearish run, during which Target lost $2.93. The volume of trade was 3.23 million shares, close to the daily average of 3.20 million shares.
Target traded as high as $266.39 before shedding 28.37% lower over the past six months. The company's market cap is $73.73 billion with an average daily volume of 3.20 million shares. So far in 2022, it has been doing worse than the S&P 500 by 3.55%. $26 billion was Target's last reported revenue with 39 cents being the current EPS.
A convincing break of this target could pave the way for deeper losses.