Read up on Caterpillar, Honeywell International, L3harris Technologies Inc as they approach support/resistance lines.
Yesterday’s session summary: Markets had an interesting day yesterday; Dow Jones gained 1.12% and closed at 30,524. S&P 500 closed the day at 3,720, having gained 1.14%.
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.
Caterpillar’s target is $185.73, currently at $183.55
Ending Monday at $180.8, the construction and mining equipment manufacturer rallied 1.52% yesterday and stayed at the $183.55 level. Caterpillar has increased a total of $2.61 over the past 3 days, with yesterday’s session contributing to the uptrend. Yesterday’s trading volume was 2.56 million shares which is slightly below the 21-day average of 3 million.
Caterpillar hit a significant low of $162.44 around 22 days ago, but has since recovered 11.3%. Caterpillar has a market cap of $96.90 billion with an average daily volume of 3 million shares. So far in 2022 it has been beating the Dow by 8.6%. $14.25 billion was Caterpillar’s last reported revenue with $3.18 being the current EPS.
Caterpillar’s run now faces a challenge at $185.73, which is only $2.18 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Honeywell’s target is $181.46, now trades at $179.88
Honeywell’s recent run now faces a major challenge as concentrated supply is likely found at $181.46 with price action currently $1.58 away.
Honeywell continues a 3 day uptrend, gaining a total of 3.28%. yesterday’s session pointed in the same direction — pronounced bullish sentiment in the market helped the multinational conglomerate to make a notable 1.6% gain yesterday, rising $2.84 and ultimately closing at $179.88. The day’s trading volume totalled 1.98 million shares — slightly under the 21-day average of 2.90 million.
L3Harris’s target is $240.37, now trades at $236.58
After closing yesterday at $236.58, L3Harris Technologies peaked at $237.2 before giving up early gains and closing at $236.58. Yesterday’s gains added to L3Harris’s bullish trend that has lasted for 3 days so far, during which it increased a total of $5.05. Daily trading volume (1.32 million shares) was slightly above the current multiday average of 1 million.
L3Harris is now trading 17.43% below the significant high of $270.74 it set around 7 months ago. The company has a market cap of $45.27 billion with an average daily trading volume of 1 million shares. So far in 2022, it has performed better than the S&P by 41.87%. L3Harris’s last revenue report was $4.14 billion with an EPS of $3.23.
L3Harris’s recent run now faces a major challenge as concentrated supply is likely found at $240.37 with price action currently $3.79 away.