3 stocks with price targets despite Wednesday's range-bound session

Published: November 25 2022, 08:50 GMT+0

3 stocks with price targets despite Wednesday's range-bound session

Read up on Nike, Sugar, Industrial Select Sector SPDR Fund as they approach key price targets in the near term.

Wednesday's session summary:

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.

Buyers pushing Nike towards its price target of $107.34; currently at $106.65

Nike's run now faces a challenge at $107.34, which is only 69 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Nike continues a 3 day surge, reaping a total of 2.72%. Wednesday's session pointed in the same direction — pronounced bullish sentiment in the market helped the footwear and apparel heavyweight to make a notable 0.64% gain Wednesday, rising 68 cents and ultimately closing at $106.65. The day's trading volume totalled 3.71 million shares — under the 21-day average of 6.89 million.

ICE Sugar trades at $19.57 per pound, after ending yesterday at $19.55. While flat so far today, the ICE Sugar future is on a 4 day bearish trend during which it lost 52 cents of its value.

Approximately 10 days ago, Sugar reached a significant high of $20.29 but has struggled to hold onto its gains and declined 3.65% since then.

XLI's target is $101.27, currently at $100.91

Industrial Select Sector SPDR Fund's run now faces a challenge at $101.27, which is only 36 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Industrial Select Sector SPDR Fund is on an 11 day uptrend, gaining a total of 5.58%. Wednesday's session pointed in the same direction — having ended a bullish session Wednesday at $100.91, momentum helped Industrial Select Sector SPDR Fund finish the day 38 cents or 0.38% higher, although mixed sentiments ensured Industrial Select Sector SPDR Fund etched out a distinct $100.58 to $101.29 session range.

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