Pay attention to the following industrials stocks approaching critical price targets: Cummins Inc, CH Robinson Worldwide Inc, FedEx Corp are the ones to watch.
Yesterday's session summary: Leading equity indices in the US declined as S&P 500 closed at 3,995.32, a 0.61% change. Nasdaq was down 0.76% before closing the session at 11,171.
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.
Cummins's price target: $239.1 | Last close: $241.84 | Daily range: $240.81 – $248.03 | Off hours: $241.84
Cummins Inc could begin to recover as it approaches significant support, now $2.74 away from $239.1. Dipping below could be an indication that further losses are ahead.
Though in the midst of a 3 day uptrend, gaining a total of 1.55%, ($4.61), yesterday's session suggests run might be coming to an end — after closing Tuesday at $242.75, Cummins closed at $241.84 yesterday after climbing to $248.03 and dropping back down. Cummins's recent uptrend could be petering out after the company eclipsed its average daily volume of 847,775 by 103% today.
C.H. Robinson eyes $99.18, trades at $96.21
C.H. Robinson's run now faces a challenge at $99.18, which is only $2.97 away. This should be interesting to follow.
C.H. Robinson closed at $96.21 yesterday after ranging between $95 and $97.51. Daily trading volume (1.67 million shares) increased, making up 132% of the 21-day average (1.26 million).
Buyers pushing FedEx towards its price target of $182.32; currently at $178.07
FedEx's run now faces a challenge at $182.32, which is only $4.25 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
FedEx has posted further gains as part of a 4 day trend that has already seen the stock gain $4.97. yesterday's session pointed in the same direction — FedEx closed at $178.07 yesterday after ranging between $175.81 and $180.93. The day's trading volume totalled 1.53 million shares — slightly under the 21-day average of 2 million.
FedEx is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is 2.78 and the consensus revenue estimate is $23.74 billion.