Anheuser-Busch, Philip Morris International, Walmart, among others, are the consumer staples stocks approaching important price targets.
A quick recap of where the last trading session ended: Markets were up yesterday; Dow Jones gained 1.18% and closed at 34,100. S&P 500 ended the session at 4,003.58 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.
Anheuser-Busch's Price target: $56.04 | Last close: $55.93 | Daily range: $55.61 – $55.93 | Off hours: $55.93
After ending Monday at $55.5, Anheuser-Busch spiked to $55.93 yesterday, dropped back to starting point range, and rallied again to $55.93. Yesterday's gains added to Anheuser-Busch's 14 days uptrend, during which it increased a total of $6.34. The day's trading volume totalled 820,375 shares — under the 21-day average of 1.52 million.
The Belgian brewing company has recovered 23.61% since descending to a significant low of $44.9 around a month ago. The company has a market cap of $112.94 billion with an average daily volume of 1.52 million shares. So far in 2022 it has been beating the S&P by 8.29%. Anheuser-Busch expected revenue of $15 billion with an EPS of 77 cents.
Anheuser-Busch's recent run now faces a major challenge as concentrated supply is likely found at $56.04 with price action currently 11 cents away.
Philip Morris's Price target: $97.85 | Last close: $97.16 | Daily range: $96.94 – $97.57 | Off hours: $97.16
Philip Morris's run now faces a challenge at $97.85, which is only 69 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Philip Morris is on a 10 day bullish run gaining $5.93 (6.8%). yesterday's session pointed in the same direction — pronounced bullish sentiment in the market helped the tobacco giant to make a notable 0.27% gain yesterday, rising 26 cents and ultimately closing at $97.16. Yesterday's trading volume was 2.45 million shares which is below the 21-day average of 4 million.
Buyers pushing Walmart towards its price target of $153.06; currently at $151.69
Walmart's run now faces a challenge at $153.06, which is only $1.37 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Walmart is on a 7 day bullish run gaining $12.76 (9.61%). on-trend Walmart closed the session yesterday with more of the same: pronounced bullish sentiment in the market helped the warehouse stores chain company to make a notable 0.36% gain yesterday, rising 54 cents and ultimately closing at $151.69. Yesterday's trading volume was 5.51 million shares which is slightly under the 21-day average of 7 million.