Pay attention to the following consumer staples stocks approaching critical price targets: US Foods Holding Corp., Ingredion Incorporated, Ambev S.A. are the ones to watch.
A quick recap of where the last trading session ended: Markets closed higher Friday, as Dow Jones closed the day at 32,400, having gained 1.26%. S&P 500 ended the session at 3,770.55 after a 1.36% gain.
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 staples stocks and their price targets.
Buyers pushing US Foods towards its price target of $29.54; currently at $29.27
US Foods Holding Corp. rallied 52 cents (1.81%) deep into the session, reaching $29.27. US Foods has increased a total of 1 cents over the past 3 days, with Friday's session contributing to the uptrend. The day's trading volume totalled 1.13 million shares — slightly under the 21-day average of 1.29 million.
Having set a significant high of $39.3 26 days ago, US Foods is trading 8.86% lower. The company has a market cap of $6.57 billion with an average daily trading volume of 1.29 million shares. So far in 2022, it has performed better than the Nasdaq by 33.71%.
US Foods's recent run now faces a major challenge as concentrated supply is likely found at $29.54 with price action currently 27 cents away.
US Foods is scheduled to announce earnings results Thursday. The consensus EPS estimate is 0.61 and the consensus revenue estimate is $8.75 billion.
Buyers pushing Ingredion Incorporated towards its price target of $94.22; currently at $93.19
Ingredion Incorporated's run now faces a challenge at $94.22, which is only $1.03 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Ingredion Incorporated is on a 3 day bullish run gaining $3.8 (6.28%). it was more of the same for Ingredion Incorporated Friday — Ingredion Incorporated rallied 1.87% and ended the session at $93.19. Daily trading volume (498,536 shares) increased, making up 156% of the 21-day average (320,373).
The company reported earnings per share of 1.73 per share and a revenue $2 billion Thursday. Ingredion Incorporated gained 6.28% since the release of its earnings report.
Buyers pushing Ambev towards its price target of $3.27; currently at $3.24
Ambev ended Thursday's session at $3.08. Friday started with an increase to $3.24, but dropped back and closed at $3.24. Friday's gains added to Ambev's 3 days uptrend, during which it increased a total of 11 cents. Daily trading volume (47.68 million shares) increased, making up 162% of the 21-day average (29.49 million).
The past 3 months have been positive for Ambev as it added 18.46% compared to its 3-month low of $2.45. Ambev is currently trading with a market cap of $51 billion with an average daily volume of 29.49 million shares. So far in 2022 it has been beating the Nasdaq by 72.11%. Ambev is forecasted to generate revenues of $3.92 billion and EPS of 3 cents.
Ambev's recent run now faces a major challenge as concentrated supply is likely found at $3.27 with price action currently 3 cents away.