Price action reveals Nordson Corporation, FedEx Corp, Advanced Drainage Systems, Inc. as the stocks to watch as they near pivotal price targets in the near term.
A quick recap: The leading indices were losing ground — Dow Jones slipping 1.04% and closing at 32,800. S&P 500 drawing back 0.99% to 3,790.31.
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. Check out this rundown of industrials stocks and their price targets.
Nordson (NDSN) Price target: $222.74 | Last price: $225 | Daily range: $222.73 – $226.51
Nordson Corporation bears struggled to gain ground beyond the support zone around $222.74 with prices climbing $2.25 as bulls regained control.
While Nordson is on a 4 day uptrend today's session might suggest a slow down — after dropping down to $222.73, Nordson recovers some losses and is currently trading at $225.
FedEx (FDX) Price target: $156.82 | Last price: $159.05 | Daily range: $158 – $161.13
FedEx could begin to recover as it approaches significant support, now $2.23 away from $156.82. Dipping below could be an indication that further losses are ahead.
FedEx is on a 5 day uptrend — now turning against its recent performance, although FedEx increased from $159.54 to $161.13, the stock dropped back and is now priced at $159.05.
Advanced Drainage Systems now at $84.05 | Forthcoming price target: $1.66 lower at $82.38
Slightly weaker but mostly flat: Advanced Drainage Systems is currently trading at $84.05 as it maintains an active range between $83.62 and $85.36.
Advanced Drainage Systems hit a significant low of $81.77 around 2 days ago, but has since recovered 4.08%. Advanced Drainage Systems is currently trading with a market cap of $7 billion with an average daily volume of 949,393 shares. So far in 2022, it has been outperforming the Nasdaq by 12.44%.
Advanced Drainage Systems is eyeing the $82.38 support line.
The company reported earnings of 1.8 per share Thursday, falling short of expectations of 1.88. Revenue was also lower than expected at $884.21 million versus $927 million. Since the release of its earnings report, Advanced Drainage Systems lost 25.92%