Automatic Data Processing, IAA, Inc., Landstar System, Inc., among others, are the industrials stocks approaching important price targets.
A quick recap: The leading indices are currently lower — Dow Jones slipping 1.49% and closing at 33,835. S&P 500 drawing back 1.66% to 3,959.31.
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.
ADP now at $258.52 | Forthcoming price target: $2.11 lower at $260.64
Bearish run for Automatic Data Processing is facing a possible turning point at $260.64, which is only $2.11 away. If this support line fails to hold, the next target will be at $257.66.
The human capital management solutions provider is sharply lower after losing $5.43 (2.06%), tumbling down to $258.52 as it comes close to the end of the session.
IAA (IAA) Price target: $36.56 | Last price: $36.72 | Daily range: $36.44 – $36.92
As the session draws to a close, the used car dealer company is recovering but is not all the way back to $37 after dipping down to $36.44 today. Today's losses are adding to an 8 day bearish run, during which IAA lost $4.4 of its value.
The automobile auction specialist is now trading 16.32% above the significant low ($31.81) it slumped to 2 months ago. The company's market cap is $4.91 billion with an average daily trading volume of 2.39 million shares. $497.5 million was IAA's last reported revenue with 45 cents being the current EPS.
A persuasive break of this target could lead to higher losses.
Landstar is trading at $172.1, its target level is $170.56
Landstar could begin to recover as it approaches significant support, now $1.54 away from $170.56. Dipping below could be an indication that further losses are ahead.
Landstar is on a 6 day uptrend — bucking the trend and turning lower, although Landstar increased from $172.72 to $174.94, the stock dropped back and is now priced at $172.1.