Pay attention to the following industrials stocks approaching critical price targets: Honeywell International, Otis Worldwide Corp, General Electric are the ones to watch.
Yesterday's session summary: Markets were up yesterday; Dow Jones closed the day at 31,083, having gained 2.47%. S&P 500 gained 2.37% and closed at 3,752.75.
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 Honeywell towards its price target of $185.24; currently at $182.81
Honeywell International's run now faces a challenge at $185.24, which is only $2.43 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
6 days and $3.48 of gains were not enough. yesterday's session pointed in the same direction — the multinational conglomerate ended Thursday's session at $177.64, spiked up to $183.31 and closed at $182.81 — gaining 2.91% yesterday. Daily trading volume (2.96 million shares) was slightly greater than the current multiday average of 2.91 million.
Buyers pushing Otis Worldwide towards its price target of $67.68; currently at $66.79
Otis Worldwide's run now faces a challenge at $67.68, which is only 89 cents away and will be interesting to follow.
Otis Worldwide ended Thursday's session at $64.75, spiked up to $66.94 and closed at $66.79 — gaining 3.15% yesterday. Daily trading volume (2.34 million shares) increased, making up 131% of the 21-day average (1.78 million).
Otis Worldwide is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 0.7826 and the consensus revenue estimate is $3.42 billion.
Buyers pushing GE towards its price target of $73.89; currently at $72.82
GE's recent run now faces a major challenge as concentrated supply is likely found at $73.89 with price action currently $1.07 away.
GE is on a 9 day bullish run gaining $5.97 (13.78%). yesterday's session pointed in the same direction — bullish sentiment helped GE to hammer out a noteworthy $69.75 to $72.9 range yesterday, and finally closing at $72.82 to end the session. The volume of trade was 6.43 million shares, close to the daily average of 6.41 million shares.
GE is scheduled to announce earnings results Tuesday. The consensus EPS estimate is 0.5033 and the consensus revenue estimate is $18.55 billion.