Change of direction? Tractor Supply Co, Home Depot, Yum! Brands Inc, among others, are approaching price targets.
A recap of yesterday's session: Markets were up yesterday; Dow Jones ended the session at 34,100 after a 1.18% gain. S&P 500 closed the day at 4,003.58, having gained 1.36%.
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.
Buyers pushing Tractor Supply towards its price target of $224.83; currently at $223.54
Tractor Supply Co's run now faces a challenge at $224.83, which is only $1.29 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Tractor Supply displays further gains following a recent trend of 4 days and $5.56. yesterday's session pointed in the same direction — Tractor Supply closed at $223.54 yesterday after ranging between $220.85 and $224.13. The day's trading volume totalled 677,152 shares — under the 21-day average of 1.29 million.
Buyers pushing Home Depot towards its price target of $328; currently at $324.88
The home improvement retailer closed Monday at $316.78. yesterday, it gained 2.56% and remained around $324.88. Yesterday's gains added to Home Depot's bullish trend that has lasted for 7 days so far, during which it increased a total of $9.86. Daily trading volume (5.82 million shares) was slightly above the current multiday average of 4.45 million.
Home Depot hit a significant low of $266.58 around a month ago, but has since recovered 18.83%. Home Depot has a market cap of $332.59 billion with an average daily volume of 4.45 million shares. So far in 2022, it has been under-performing the Dow by 13.53%. $38.87 billion was Home Depot's last reported revenue with $4.24 being the current EPS.
Home Depot's recent run now faces a major challenge as concentrated supply is likely found at $328 with price action currently $3.13 away.
Yum! Brands's Price target: $125.48 | Last close: $124.94 | Daily range: $124.08 – $125.33 | Off hours: $124.97
Yum! Brands's run now faces a challenge at $125.48, which is only 54 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Maintaining its 22 days rise (+$15.25), yesterday's session pointed in the same direction — after closing yesterday at $124.94, the US fast food company peaked at $125.33 before giving up early gains and closing at $124.94. The day's trading volume totalled 1.24 million shares — under the 21-day average of 1.97 million.