Price action reveals Regal Beloit Corporation, Honeywell International, Deere & Company as the stocks to watch as they near pivotal price targets in the near term.
A quick recap of where the last trading session ended: Markets did not have a clear cut direction — Dow Jones shed 0.23% and closed at 33,900. Nasdaq closed 12,157 after a stable day.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of industrials stocks and their price targets.
Buyers pushing Regal Rexnord towards its price target of $226.06; currently at $223.55
Regal Beloit Corporation's run now faces a challenge at $226.06, which is only $2.51 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Regal Rexnord has posted further gains as part of a 4 day trend that has already seen the stock gain $1.49. Regal Rexnord pointed in the same direction yesterday: the electric motor manufacturer ended Tuesday's session at $218.92, spiked up to $223.84 and closed at $223.55 — gaining 2.11% yesterday. The day's trading volume totalled 75,702 shares — under the 21-day average of 147,556.
Buyers pushing Honeywell towards its price target of $199.34; currently at $197.81
Honeywell's recent run now faces a major challenge as concentrated supply is likely found at $199.34 with price action currently $1.53 away.
Honeywell has posted further gains as part of a 10 day trend that has already seen the stock gain $7.5. yesterday's session pointed in the same direction — Honeywell rallied 0.45% and ended the session at $197.81. The day's trading volume totalled 1.86 million shares — slightly under the 21-day average of 2.52 million.
Deere & Company (DE) Price target: $389.8 | Last price: $392.77 | Daily range: $390.13 – $396.39
John Deere could begin to recover as it approaches significant support, now $2.97 away from $389.8. Dipping below could be an indication that further losses are ahead.
Though in the midst of a 9 day uptrend, gaining a total of 6.25%, ($27.04), yesterday's session suggests run might be coming to an end — an influx of sellers pushed the industrial equipment supplier to end the session lower around $392.77, while establishing a $390.13 to $396.39 session range yesterday. Yesterday's trading volume was 860,049 shares which is under the 21-day average of 1.53 million.