Read up on Honeywell International, 3M, General Electric as they approach key price targets in the near term.
Today's session summary: Markets completed a mixed session today while Dow Jones gained 0.45% and closed at 34,347. Nasdaq shed 0.52% and closed at 11,226.
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 industrials stocks and their price targets.
Buyers pushing Honeywell towards its price target of $220.29; currently at $220.05
The multinational conglomerate rose as high as $220.96 before giving up its gains and dropping back to $220.05 before the close on today. Today's gains added to Honeywell's 16 days uptrend, during which it increased a total of $18.44. Today's trading volume was 1.12 million shares which is under the 21-day average of 3.52 million.
A month ago, the multinational conglomerate fell to a low of $166.97 but has since recovered 31.11%. Honeywell's market cap currently stands at $147.94 billion with an average daily trading volume of 3.52 million shares. So far in 2022, it has been outperforming the S&P 500 by 24.96%. Honeywell last reported revenue of $15.54 billion with an EPS of $2.25.
Honeywell's recent run now faces a major challenge as concentrated supply is likely found at $220.29 with price action currently 24 cents away.
Buyers pushing 3M towards its price target of $130; currently at $129.04
The industry and consumer goods conglomerate topped out at $129.82 having ended today at $129.04. However, despite early momentum, the stock gave up its gains to now trade at $129.04. 3M has increased a total of $1.24 over the past 4 days, with today's session contributing to the uptrend. The day's trading volume totalled 881,485 shares — below the 21-day average of 2.74 million.
The industry, worker safety, health care, and consumer goods conglomerate is now trading 19.05% above the significant low ($107.52) it slumped to a month ago. 3M's market cap is currently $71.33 billion with an average daily volume of 2.74 million shares. So far in 2022, it has been under-performing the Dow by 21%. 3M is forecasted to generate revenues of $8.75 billion and EPS of $2.62.
3M's run now faces a challenge at $130, which is only 96 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Buyers pushing GE towards its price target of $88.24; currently at $88.14
GE's recent run now faces a major challenge as concentrated supply is likely found at $88.24 with price action currently 10 cents away.
GE continues a 6 day surge, reaping a total of 3.82%. today's session pointed in the same direction — after closing at $88.14 today, GE maintained a strong bullish bias that helped the stock close higher at $88.14. However, market bears ensured the the industrial giant topped out at $88.38 and that by the end of the session, the market had marked out a distinct $87.35 to $88.38 range. The day's trading volume totalled 1.62 million shares — lower than the 21-day average of 5.92 million.