Price action reveals Lockheed Martin, Raytheon Technologies, General Electric 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 Nasdaq gained 0.99% and closed at 11,300. S&P 500 ended the session at 4,027.26 after a 0.59% gain.
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 industrials stocks and their price targets.
Lockheed Martin's Price target: $483.13 | Last close: $481.07 | Daily range: $478.72 – $483 | Off hours: $481.07
Lockheed Martin closed at $481.07 yesterday after ranging between $478.72 and $483. Lockheed Martin has increased a total of $17.46 over the past 8 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 1 million shares — below the 21-day average of 1.59 million.
The aerospace supplier reached a significant high of $494.12 around 16 days ago but has lost 2.96% since then. Lockheed Martin is currently trading with a market cap of $126 billion with an average daily trading volume of 1.59 million shares. So far in 2022 it has been beating the S&P by 55.14%. Lockheed Martin's last revenue report was $16.58 billion with an EPS of $6.87.
Lockheed Martin's run now faces a challenge at $483.13, which is only $2.06 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Raytheon Technologies's Price target: $97.36 | Last close: $97.13 | Daily range: $96.61 – $97.22 | Off hours: $97.13
Raytheon Technologies's recent run now faces a major challenge as concentrated supply is likely found at $97.36 with price action currently 23 cents away.
Raytheon Technologies continues a 6 day surge, reaping a total of 2.95%. yesterday's session pointed in the same direction — generally flat but with a slight bullish bias, Raytheon Technologies ranged between $96.61 and $97.22 before closing higher at $97.13. Yesterday's trading volume was 2.17 million shares which is under the 21-day average of 4.56 million.
Buyers pushing GE towards its price target of $88.22; currently at $87.87
GE's run now faces a challenge at $88.22, which is only 35 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
6 days and $2.4 of gains are not enough for GE. it was more of the same for GE yesterday — after closing at $87.87 yesterday, GE maintained a strong bullish bias that helped the stock close higher at $87.87. However, market bears ensured the the industrial giant topped out at $87.96 and that by the end of the session, the market had marked out a distinct $86.94 to $87.96 range. Yesterday's trading volume was 3.49 million shares which is below the 21-day average of 5.89 million.