Automatic Data Processing, Honeywell International, Boeing, among others, are the industrials stocks approaching important price targets.
Yesterday's session summary: Markets completed a mixed session yesterday, as Dow Jones ended the session at 34,347 after a 0.45% gain. Nasdaq lost 0.52% and ended the session at 11,226.
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 ADP towards its price target of $265.27; currently at $263.95
Automatic Data Processing's run now faces a challenge at $265.27, which is only $1.32 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
ADP is on a 10 day uptrend, gaining a total of 5.91%. yesterday's session pointed in the same direction — having closed Wednesday at $262.58, bullish sentiment helped ADP to reach highs around $264.94 before paring gains and ending yesterday at $263.95. The day's trading volume totalled 594,686 shares — under the 21-day average of 1.49 million.
Buyers pushing Honeywell towards its price target of $221.43; currently at $220.05
Ending Wednesday at $218.91, the multinational conglomerate rallied 0.52% yesterday and stayed at the $220.05 level. Yesterday's gains added to Honeywell's bullish trend that has lasted for 17 days so far, during which it increased a total of $18.44. The day's trading volume totalled 1.12 million shares — under the 21-day average of 3.38 million.
A day ago the manufacturing and technology company reached a significant high of $220.05 but has consequently lost 0.52% since then. Honeywell's market cap currently stands at $147.94 billion with an average daily volume of 3.38 million shares. So far in 2022 it has been beating the S&P by 25.57%. $15.54 billion was Honeywell's last reported revenue with $2.25 being the current EPS.
Honeywell's recent run now faces a major challenge as concentrated supply is likely found at $221.43 with price action currently $1.38 away.
Buyers pushing Boeing towards its price target of $179.87; currently at $178.36
Bullish sentiment helped the aircraft manufacturer to hammer out a noteworthy $174.06 to $178.46 range yesterday, and finally closing at $178.36 to end the session. Boeing has increased a total of $2.35 over the past 3 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 3.48 million shares — lower than the 21-day average of 8.22 million.
After hitting an important low of $115.86 approximately 5 months ago, the aircraft manufacturer has bounced back 50.91% since. The company has a market cap of $106.30 billion with an average daily trading volume of 8.22 million shares. So far in 2022, it has been under-performing the Dow Jones by 7.89%. Boeing's last revenue report was $15.96 billion with an EPS of -60 cents.
Boeing's recent run now faces a major challenge as concentrated supply is likely found at $179.87 with price action currently $1.51 away.