Change of direction? Ferrari N.V., Ford Motor Co, Tesla among others are approaching targets.
A recap of yesterday's session: Markets did not have a clear cut direction — S&P 500 lost 0.33% and ended the session at 3,577. Dow Jones closed at 29,200 after a flat day.
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 consumer discretionary stocks and their price targets.
Ferrari (target: $181.62) currently trades at $182.5
Ferrari N.V.'s bearish trend is facing a possible turning point at $181.62, which is only 88 cents away. Will be interesting to follow.
Over the last 7 days, Ferrari has fallen 5.82%. more of the same from yesterday's session: despite the risk-off mood, Ferrari was range-bound between $182 to $184.31 and settled at $182.5. Yesterday's trading volume was 317,882 shares which is slightly under the 21-day average of 394,663.
Ford Motors (target: $11.18) now at $11.54
Grinding lower but with no clear-cut direction, Ford Motors closed the session at $11.54 after forming a distinct $11.35 – $11.7 range. Ford Motors has been dropping for 6 days, losing 95 cents, with yesterday's session maintaining the downtrend. Yesterday's trading volume was 58.78 million shares which is slightly under the 21-day average of 82.36 million.
Ford Motors reached a significant high of $25.19 around 8 months ago but has lost 54.11% since then. The company's market cap is $46.39 billion with an average daily trading volume of 82.36 million shares. So far in 2022, it has been doing worse than the S&P by 12.97%. Ford's last revenue report was $40.19 billion with an EPS of 68 cents.
$11.18 is only 36 cents away for Ford Motors and might put a stop to its current downtrend.
Tesla (target: $208.23) currently trades at $217.24
Tesla is trending down and heading towards $208.23, which is only $9 away now. Hitting this support line might signal a change of direction.
Having lost $32.94 over 7 days, a slight improvement can be seen from yesterday's session: a quiet day for Tesla as it remained range-bound within a $211.51 – $219.3 range before closing at $217.24. Yesterday's trading volume was 66.86 million shares which is slightly under the 21-day average of 72.53 million.
Tesla is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 1.04 and the consensus revenue estimate is $22.65 billion.