Price action reveals Eaton Corporation PLC, Armstrong World Industries, Inc., Roper Technologies Inc as the stocks to watch as they near pivotal price targets in the near term.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Dow Jones ended the session at 32,400 after a 1.26% gain. S&P 500 closed the day at 3,770.55, having gained 1.36%.
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. Let's review some industrials stocks and their price targets.
Buyers pushing Eaton towards its price target of $160.64; currently at $158.69
Eaton Corporation PLC's recent run now faces a major challenge as concentrated supply is likely found at $160.64 with price action currently $1.95 away.
Having added to its $19.33 increase during 12 days of gains, it was more of the same for Eaton Friday — pronounced bullish sentiment in the market helped Eaton to make a notable 2.65% gain Friday, rising $4.1 and ultimately closing at $158.69. Daily trading volume (2.92 million shares) increased, making up 129% of the 21-day average (2.26 million).
Eaton released its quarterly earnings report Tuesday, beating analysts estimates. The company reported earnings of 2.02 per share on revenue of $5.31 billion, topping estimates of 2.01 per share on revenue of $5.31 billion. Since the release of its earnings report, Eaton gained 5.74%.
Armstrong World Industries's price target: $71.66 | Last close: $72.58 | Daily range: $71.75 – $73.94 | Off hours: $72.58
Armstrong World Industries is trending down and heading towards $71.66, which is only 92 cents away now. Hitting this support line might signal a change of direction.
Having lost $7.17 over 11 days, a slight improvement can be seen from Friday's session: without a clear direction, Armstrong World Industries closed at $72.58 while ranging between $71.75 and $73.94. The day's trading volume totalled 290,803 shares — slightly under the 21-day average of 391,719.
Roper Technologies's price target: $388.5 | Last close: $396.03 | Daily range: $388.66 – $403.89 | Off hours: $395.71
Roper Technologies has almost recovered all its losses from a previous close of $397.72 after dipping down to $388.66 Friday. Friday's 0.42% loss extends a 5 day bearish run in which Roper Technologies had already lost $16.82 from its share value. Daily trading volume (857,528 shares) increased, making up 128% of the 21-day average (669,154).
Roper Technologies hit a significant low of $359.64 around a month ago, but has since recovered 10.59%. The company's market cap is $42.00 billion with an average daily trading volume of 669,154 shares. So far in 2022 it has been beating the S&P 500 by 11%. Roper's last revenue report was $1.35 billion with an EPS of $3.91.
Roper's downtrend might be halted by its support level at $388.5, which is only $7.53 away.