Pay attention to the following consumer discretionary stocks approaching critical price targets: Choice Hotels International, Inc., Ferrari N.V., Ford Motor Co are the ones to watch.
A short overview of the current market situation: Markets are mixed with Nasdaq slipping 0.99% and closing at 11,246. S&P 500 trades at 3,976.46 after losing 0.38%.
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.
Buyers pushing Choice Hotels towards its price target of $123.37; currently at $122.74
Choice Hotels International, Inc.'s recent run now faces a major challenge as concentrated supply is likely found at $123.37 with price action currently 63 cents away.
Keeping up its 5 days of climbing (+$7.05), as the session continues, it seems to maintain one direction — Choice Hotels posts light gains on a low-volatility day, ranging between $120.7 – $122.74 and is now at $122.74.
Ferrari (RACE) Price target: $213.23 | Last price: $214.88 | Daily range: $213.3 – $215.16
Ferrari's bearish trend is facing a possible turning point at $213.23, which is only $1.65 away. Will be interesting to follow.
A 3 day downtrend has resulted in the asset losing $1.42. today is looking a bit better: after dropping down to $213.3, Ferrari recovers some losses and is currently trading at $214.88.
Ford Motors now at $14.03 | Forthcoming price target: 43 cents lower at $13.6
Tough session sees Ford shedding 1.89% in early trade today's losses are adding to a 3 day bearish run, during which Ford Motors lost 20 cents of its value.
Ford Motors is now trading 43.23% below the significant high of $25.19 it set around 10 months ago. The company's market cap is $56.41 billion with an average daily trading volume of 62.13 million shares. So far in 2022, it has been doing worse than the S&P 500 by 14.15%. Ford last reported revenue of $39.39 billion with an EPS of 51 cents.
$13.6 is only 43 cents away for Ford Motors and might put a stop to its current downtrend.