Pay attention to the following consumer discretionary stocks that are approaching targets: Home Depot, eBay Inc, Ferrari N.V. are the ones to notice.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones ended the session at 30,524 after a 1.12% gain. S&P 500 closed the day at 3,720, having gained 1.14%.
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.
Home Depot targets $292.63, currently only $7.57 away
Home Depot's recent run now faces a major challenge as concentrated supply is likely found at $292.63 with price action currently $7.57 away.
Home Depot is on a 3 day uptrend, gaining a total of 3.12%. yesterday's session pointed in the same direction — bullish sentiment helped the home improvement retailer to hammer out a noteworthy $283.23 to $289.86 range yesterday, and finally closing at $285.06 to end the session. Yesterday's trading volume was 3 million shares which is slightly under the 21-day average of 3.41 million.
EBay targets $39.82, currently only $1.32 away
EBay's run now faces a challenge at $39.82, which is only $1.32 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
EBay continues a 3 day uptrend, gaining a total of 3.83%. eBay pointed in the same direction yesterday: an influx of buyers helped the multinational e-commerce corporation to end the session higher around $38.5, while establishing a $38.16 to $39.32 session range yesterday. Yesterday's trading volume was 5.29 million shares which is slightly under the 21-day average of 6.20 million.
Ferrari's target is $195.05, currently at $191.02
Ferrari's run now faces a challenge at $195.05, which is only $4.03 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Keeping up its 3 days of climbing (+$7.96), yesterday's session pointed in the same direction — after ending Monday at $188.59, Ferrari went up to $193.48 only to drop back, yet still traded well overall and closed at $191.02 yesterday. The day's trading volume totalled 261,646 shares — below the 21-day average of 402,186.
Tractor Supply target: $208.32 currently trades at $202.84
Tractor Supply's recent run now faces a major challenge as concentrated supply is likely found at $208.32 with price action currently $5.48 away.
3 days and $3.03 of gains are not enough for Tractor Supply. yesterday's session pointed in the same direction — after dipping down to $201.26, Tractor Supply regained earlier losses and reached $202.84. Daily trading volume (1.46 million shares) was slightly above the current multiday average of 1.22 million.
Tractor Supply is scheduled to announce earnings results tomorrow. The consensus EPS estimate is 2.07 and the consensus revenue estimate is $3.29 billion.