Price action reveals Dover Corp, General Electric, Caterpillar as the stocks to watch as they near pivotal price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US declined as after dropping 2.04%, Nasdaq closed at 10,971. S&P 500 lost 0.74% and ended the session at 3,830.6.
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 Dover towards its price target of $129.03; currently at $127.56
Dover Corp's recent run now faces a major challenge as concentrated supply is likely found at $129.03 with price action currently $1.47 away.
Dover is on a 5 day bullish run gaining $8.19 (7.1%). yesterday's session pointed in the same direction — having ended a bullish session yesterday at $127.56, momentum helped Dover finish the day 27 cents or 0.21% higher, although mixed sentiments ensured Dover etched out a distinct $125.86 to $128.92 session range. Daily trading volume (1.76 million shares) was higher than the current multiday average of 1 million.
Buyers pushing GE towards its price target of $77; currently at $75.46
GE's run now faces a challenge at $77, which is only $1.53 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
12 days and $9 of gains are not enough for GE. yesterday's session pointed in the same direction — after closing Tuesday at $73, GE closed at $75.46 yesterday after climbing to $76.63 and dropping back down. Daily trading volume (8 million shares) increased, making up 128% of the 21-day average (6.31 million).
Buyers pushing GE towards its price target of $77; currently at $75.46
GE's run now faces a challenge at $77, which is only $1.53 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
12 days and $9 of gains are not enough for GE. yesterday's session pointed in the same direction — after closing Tuesday at $73, GE closed at $75.46 yesterday after climbing to $76.63 and dropping back down. Daily trading volume (8 million shares) increased, making up 128% of the 21-day average (6.31 million).