Pay attention to the following consumer discretionary stocks that are approaching targets: Toyota, Restaurant Brands International Inc., Nike are the ones to notice.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as S&P 500 shed 0.67% and closed at 3,695. Nasdaq closed at 10,681, a 0.85% change.
What is a Price Target?
A price target is the projection of an asset's future price. The concepts of trading levels support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. These price rates, or targets, are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction. Assets that are on a trend and are nearing one of their lines are selected for this article. Check out this rundown of consumer discretionary stocks and their price targets.
Toyota (target: $132.07) now at $132.97
The automotive company plunged into the red after losing 0.96%, declining to $132.97. Continuing its a 3 day bearish run (-$1.9), Toyota showed losses yesterday. Yesterday's trading volume was 175,778 shares which is lower than the 21-day average of 298,445.
The automotive company is now trading 16.97% below its 3-month high of $211.37. Toyota's market cap currently stands at $182.65 billion with an average daily trading volume of 298,445 shares. $63.78 billion was Toyota's last reported revenue with $4.03 being the current EPS.
Toyota's down trend might be halted by its support level at $132.07, which is only 90 cents away.
Restaurant Brands International's target is $56.2, currently at $55.78
Lightly positive Restaurant Brands International closed at $55.78 after ranging between $55.09 and $56.14. Yesterday's gains added to Restaurant Brands International's 9 days uptrend, during which it increased a total of $3.19. Daily trading volume (1.32 million shares) increased, making up 104% of the 21-day average (1.27 million).
Restaurant Brands International has recovered 18.24% since descending to a significant low of $46.94 around 4 months ago. The company has a market cap of $25.13 billion with an average daily volume of 1.27 million shares. So far in 2022, it has been outperforming the Nasdaq by 40.56%. Restaurant Brands International's last revenue report was $1.64 billion with an EPS of 82 cents.
Restaurant Brands International's run now faces a challenge at $56.2, which is only 42 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Nike (target: $87.64) currently trades at $88.57
After ending Tuesday at $89.68, Nike fell down to $87.76 yesterday and closed at $88.57 — losing 1.24% of its value. Yesterday's fall added to a 3 day bearish run, during which Nike lost 29 cents. The day's trading volume totalled 4.54 million shares — under the 21-day average of 11.65 million.
Having set a significant high of $177.51 20 days ago, the footwear and apparel heavyweight is trading 7.89% lower. Nike has a market cap of $138.58 billion with an average daily volume of 11.65 million shares. So far in 2022, it has been under-performing the Dow Jones by 25.71%. Nike last reported revenue of $12.69 billion with an EPS of 93 cents.
A persuasive break of this target could lead to higher losses.