Price action reveals Dollar General, Village Farms International, Inc., Target as the stocks to watch as they near pivotal price targets in the near term.
Here's an update with information from the last trading session: Leading equity indices in the US declined as after dropping 0.61%, S&P 500 closed at 3,995.32. Nasdaq slipped 0.76% and closed at 11,171.
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.
Buyers pushing Dollar General towards its price target of $249.91; currently at $247.48
Dollar General spiked to $248.59 yesterday and consolidated before initiating a fresh rally to $247.48. This comes following Tuesday's session in which it closed at $243.46. Yesterday's gains added to Dollar General's bullish trend that has lasted for 4 days so far, during which it increased a total of 20 cents. The day's trading volume totalled 1.84 million shares — slightly below the 21-day average of 2.10 million.
The store chain operator reached a significant high of $260.44 around a month ago but has lost 6.52% since then. The company's market cap is $55.33 billion with an average daily volume of 2.10 million shares. So far in 2022, it has been outperforming the S&P by 25.11%. Dollar General is forecasted to generate revenues of $9.43 billion and EPS of $2.55.
Dollar General's run now faces a challenge at $249.91, which is only $2.43 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Village Farms's price target: $1.52 | Last close: $1.59 | Daily range: $1.55 – $1.71 | Off hours: $1.59
The consumer packaged goods provider has recovered almost all of its session losses after dipping down to $1.55 yesterday. Village Farms has dropped 50 cents over the past 9 days; yesterday's session continued this downtrend. Daily trading volume (955,094 shares) increased, making up 119% of the 21-day average (803,401).
Having set a significant low of $1.59 a day ago, the controlled environment agriculture pioneer is trading 3.14% higher. The company has a market cap of $144.46 million with an average daily trading volume of 803,401 shares. Village Farms's last revenue report was $71 million with an EPS of -10 cents.
A persuasive break of this target could lead to higher losses.
Target's Price target: $154.73 | Last close: $152.51 | Daily range: $150.14 – $154.65 | Off hours: $152.51
After closing at $152.51 yesterday, Target maintained a strong bullish bias that helped the stock close higher at $152.51. However, market bears ensured the the retail corporation topped out at $154.65 and that by the end of the session, the market had marked out a distinct $150.14 to $154.65 range. Yesterday's gains added to Target's bullish trend that has lasted for 3 days so far, during which it increased a total of 84 cents. Yesterday's trading volume was 3.46 million shares which is under the 21-day average of 6.66 million.
Approximately 7 months ago, the retail corporation reached a significant high of $249.32 but has struggled to hold onto its gains and declined 39.49% since then. Target has a market cap of $70.20 billion with an average daily volume of 6.66 million shares. So far in 2022, it has been doing worse than the S&P by 14.56%. Target has a forecast of $26.38 billion with an EPS of $2.15.
Target's recent run now faces a major challenge as concentrated supply is likely found at $154.73 with price action currently $2.22 away.