Read up on PepsiCo, Philip Morris International, Herbalife Nutrition Ltd. as they approach key price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 shed 0.31% and closed at 3,946.56. Nasdaq closed at 11,145, a 0.35% 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 consumer staples stocks and their price targets.
PepsiCo's Price target: $181 | Last close: $180.03 | Daily range: $177.49 – $180.16 | Off hours: $180.03
PepsiCo's run now faces a challenge at $181, which is only 95 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
PepsiCo is on a 4 day bullish run gaining $1.6 (1.87%). PepsiCo lived up to expectations yesterday by maintaining its set course — bullish sentiment helped the multinational food, snack, and beverage corporation to hammer out a noteworthy $177.49 to $180.16 range yesterday, and finally closing at $180.03 to end the session. Yesterday's trading volume was 3.92 million shares which is slightly under the 21-day average of 4.95 million.
Buyers pushing Philip Morris towards its price target of $95.88; currently at $95.16
Philip Morris's recent run now faces a major challenge as concentrated supply is likely found at $95.88 with price action currently 72 cents away.
7 days and $3.74 of gains are not enough for Philip Morris. it was more of the same for Philip Morris yesterday — Philip Morris recovered from the previous trading session's losses and went up to $95.16 yesterday after it traded lower at $93.49. The day's trading volume totalled 2.81 million shares — lower than the 21-day average of 4.31 million.
Herbalife Nutrition bears establish support around $15.78
Herbalife Nutrition's run now faces a challenge at $15.78, which is only 35 cents away and will be interesting to follow.
Herbalife Nutrition has been losing ground for 5 days, shedding a total of 10.24% of its value. with a marginal improvement upon yesterday's session, Herbalife Nutrition recovered back to $16.13 after dipping down to $15.66, in a session that followed Wednesday's $16.1 close value. Yesterday's trading volume was 624,965 shares which is under the 21-day average of 1.35 million.