Pay attention to the following communication services stocks approaching critical price targets: Rogers Communications Inc., IAC/InterActiveCorp, Activision Blizzard are the ones to watch.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Nasdaq was down 1.09% before closing the session at 11,025. After dropping 0.39%, S&P 500 closed at 3,950.
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.
Rogers Communication's price target: $44.24 | Last close: $44.58 | Daily range: $44.3 – $45.05 | Off hours: $44.58
Rogers Communications Inc.'s run now faces a challenge at $44.24, which is only 34 cents away and will be interesting to follow.
While Rogers Communication is on a 4 day bullish trend, yesterday's session put the brakes on the ongoing uptrend — after ending Friday at $44.58, Rogers Communication went up to $45.05 only to drop back to its starting point and close at $44.58. The day's trading volume totalled 258,298 shares — under the 21-day average of 425,287.
IAC/InterActiveCorp's price target: $45.24 | Last close: $45.74 | Daily range: $45.67 – $47.1 | Off hours: $45.74
A convincing break of this target could pave the way for deeper losses.
IAC/InterActiveCorp has lost 10.26% over the last 5 days. yesterday's session continued down the same path: pronounced bearish sentiment in the market pushed the US multi-brand enterprise into a notable 2.91% slide yesterday, falling $1.37 and ultimately closing at $45.74. Yesterday's trading volume was 856,180 shares which is under the 21-day average of 1.33 million.
Blizzard's Price target: $75.2 | Last close: $74.8 | Daily range: $73.75 – $74.88 | Off hours: $74.8
Blizzard's run now faces a challenge at $75.2, which is only 40 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Blizzard is on an 11 day bullish run gaining $3 (5.2%). yesterday's session pointed in the same direction — after ending Friday at $74.1, Blizzard went up to $74.88 only to drop back, yet still traded well overall and closed at $74.8 yesterday. The day's trading volume totalled 5.74 million shares — slightly under the 21-day average of 5.98 million.