Eaton Corporation PLC, Landstar System, Inc., Louisiana-Pacific Corporation, among others, are the industrials stocks approaching important price targets.
A recap of today's session: Leading equity indices in the US declined as Nasdaq closed at 10,984, a 0.59% change. S&P 500 lost 0.16% and ended the session at 3,957.63.
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.
Eaton now at $162.15 | Forthcoming price target: $1.11 lower at $161.04
$161.04 is only $1.11 away for Eaton Corporation PLC and might put a stop to its current downtrend.
Eaton's bearish run has lasted 4 days so far (-$3.93). today's session continued down the same path: pronounced bearish market sentiment ensured that the American-Irish power management multinational made a notable 0.25% loss today, declining 40 cents and ultimately closing at $162.15. Today's trading volume was 1 million shares which is lower than the 21-day average of 2 million.
Landstar | Price Target: $170.48 approx 13 cents away; Current Price: $170.61 Session Low: $168.7 Session High: $173.7 | Off Hours: $170.61
Bearish run for Landstar is facing a possible turning point at $170.48, which is only 13 cents away. If this support line fails to hold, the next target will be at $169.24.
Though in the midst of a 7 day uptrend, gaining a total of 3.48%, ($6.84), the prevailing bullish trend is beginning to fade following today's downbeat session. The transportation services company has almost recovered all its losses from a previous close of $171.71 after dipping down to $168.7 today. The day's trading volume totalled 286,456 shares — slightly below the 21-day average of 321,685.
Buyers pushing Louisiana-Pacific towards its price target of $62.19; currently at $61.8
Bullish sentiment helped the US building company to hammer out a noteworthy $61.28 to $62.38 range today, and finally closing at $61.8 to end the session. Today's gains are in contrast to Louisiana-Pacific's bearish trend (lasting 4 days) during which it lost $3.31 of its value. The day's trading volume totalled 613,420 shares — lower than the 21-day average of 1 million.
Having set a significant high of $78.88 2 months ago, the US building materials manufacturer is trading 27.31% lower. The company's market cap is $4.43 billion with an average daily volume of 1 million shares. LP's last revenue report was $852 million with an EPS of $1.72.
Louisiana-Pacific's run now faces a challenge at $62.19, which is only 39 cents away and will be interesting to follow.