Change of direction? The New York Times Company, Activision Blizzard, Netflix, among others, are approaching price targets.
Here's an update with information from the last trading session: Leading equity indices in the US declined as after dropping 0.59%, Nasdaq closed at 10,984. S&P 500 closed at 3,957.63, a 0.16% change.
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 communication services stocks and their price targets.
The New York Times's Price target: $35.4 | Last close: $35.16 | Daily range: $35 – $35.63 | Off hours: $35.16
The New York Times Company's run now faces a challenge at $35.4, which is only 24 cents away and will be interesting to follow.
While the New York Times was in the midst of a 9 day downtrend— in which it lost a total of 3.59%— a possible change of direction spotted from yesterday; the New York Times recovered from the previous trading session's losses and went up to $35.16 yesterday after it traded lower at $35. The day's trading volume totalled 1 million shares — slightly under the 21-day average of 1.39 million.
Blizzard's price target: $73.69 | Last close: $74.34 | Daily range: $73.8 – $74.54 | Off hours: $74.34
An influx of sellers pushed the gaming company to end the session lower around $74.34, while establishing a $73.8 to $74.54 session range yesterday. Yesterday's 0.51% loss extends a 3 day bearish run in which Blizzard had already lost $1.87 from its share value. The day's trading volume totalled 6 million shares — slightly below the 21-day average of 6.34 million.
The gaming company is now trading 5.57% below its 3-month high of $82.31. The company has a market cap of $58.18 billion with an average daily volume of 6.34 million shares. So far in 2022, it has performed better than the Nasdaq by 54.09%. $1.78 billion was Blizzard's last reported revenue with 58 cents being the current EPS.
A persuasive break of this target could lead to higher losses.
Netflix's price target: $277.95 | Last close: $280.96 | Daily range: $275.94 – $282.88 | Off hours: $280.96
A convincing break of this target could pave the way for deeper losses.
A 3 day downtrend has resulted in the asset losing $10.33. a slight improvement can be seen from yesterday's session: after dropping down to $275.94, the streaming company recovers some losses and is currently trading at $280.96. Yesterday's trading volume was 5.79 million shares which is slightly under the 21-day average of 8.62 million.