Pearson plc, RELX PLC, T-Mobile, among others, are the communication services stocks approaching important price targets.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones was down 2.25% before closing the session at 33,200. S&P 500 slipped 2.49% and closed at 3,895.75.
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. Let's review some communication services stocks and their price targets.
Pearson Plc's price target: $11.06 | Last close: $11.12 | Daily range: $11.12 – $11.31 | Off hours: $11.12
Pearson plc's bearish trend is facing a possible turning point at $11.06, which is only 6 cents away. Will be interesting to follow.
Pearson Plc's downtrend has seen it decline 7.41% in 12 days yesterday's session continued the recent downtrend: an influx of sellers pushed the British publishing and education company to session lows around $11.12 while establishing a $11.12 to $11.31 session range yesterday. The day's trading volume totalled 230,636 shares — slightly below the 21-day average of 243,617.
RELX's price target: $28.16 | Last close: $28.31 | Daily range: $28.28 – $28.72 | Off hours: $28.31
Early in yesterday's session, RELX dropped to $28.28 from $28.93 at the end of Wednesday, before closing at $28.31. During the session, it lost 2.14%.
Daily trading volume (836,144 shares) was slightly above the current multiday average of 787,765.
After hitting an important low of $23.58 approximately 2 months ago, the British analytics company has bounced back 22.69% since. The company's market cap is $54.21 billion with an average daily volume of 787,765 shares. So far in 2022, it has been outperforming the Nasdaq by 32.92%.
RELX could begin to recover as it approaches significant support, now 15 cents away from $28.16. Dipping below could be an indication that further losses are ahead.
T-Mobile's price target: $138.75 | Last close: $140.2 | Daily range: $139.93 – $144 | Off hours: $140.2
An influx of sellers pushed the telecommunications provider to session lows around $139.93 while establishing a $139.93 to $144 session range yesterday. T-Mobile has been on a downtrend for 10 days, losing $10.05, with yesterday's session adding to the run. Daily trading volume (5.69 million shares) increased, making up 126% of the 21-day average (4.52 million).
Approximately 14 days ago, the telecommunications provider reached a significant high of $152.41 but has struggled to hold onto its gains and declined 6.59% since then. The company has a market cap of $174.43 billion with an average daily trading volume of 4.52 million shares. So far in 2022, it has performed better than the Nasdaq by 67.06%. T-Mobile's last revenue report was $19.48 billion with an EPS of 40 cents.
A persuasive break of this target could lead to higher losses.