Positive price action presents imminent price targets for these 3 stocks

Published: November 25 2022, 07:50 GMT+0

Positive price action presents imminent price targets for these 3 stocks

Read up on Hartford Financial Services Group Inc, HSBC Holdings, General Electric as they approach key price targets in the near term.

A quick recap of where the last trading session ended: Leading equity indices in the US rose as Nasdaq gained 0.99% and closed at 11,300. S&P 500 closed the day at 4,027.26, having gained 0.59%.

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.

The Hartford's Price target: $76.11 | Last close: $75.53 | Daily range: $74.58 – $75.92 | Off hours: $75.53

Hartford Financial Services Group Inc's recent run now faces a major challenge as concentrated supply is likely found at $76.11 with price action currently 58 cents away.

8 days and $2.44 of gains were not enough. Wednesday's session pointed in the same direction — bullish sentiment helped the investment and insurance company to hammer out a noteworthy $74.58 to $75.92 range Wednesday, and finally closing at $75.53 to end the session. Daily trading volume (2.67 million shares) increased, making up 142% of the 21-day average (1.88 million).

Buyers pushing HSBC towards its price target of $29.58; currently at $29.47

HSBC's run now faces a challenge at $29.58, which is only 11 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

11 days and $1.81 of gains are not enough for HSBC Holdings. HSBC Holdings lived up to expectations Wednesday by maintaining its set course — after closing Wednesday at $29.47, the British financial services juggernaut peaked at $29.56 before giving up early gains and closing at $29.47. The day's trading volume totalled 2.59 million shares — slightly under the 21-day average of 2.87 million.

Buyers pushing GE towards its price target of $88.24; currently at $87.87

Having ended a bullish session Wednesday at $87.87, momentum helped GE finish the day 57 cents or 0.65% higher, although mixed sentiments ensured the industrial giant etched out a distinct $86.94 to $87.96 session range. Wednesday's gains added to GE's bullish trend that has lasted for 6 days so far, during which it increased a total of $2.4. Wednesday's trading volume was 3.49 million shares which is lower than the 21-day average of 5.92 million.

After hitting an important low of $61.09 approximately 4 months ago, the US conglomerate has bounced back 42.9% since. The company has a market cap of $96 billion with an average daily volume of 5.92 million shares. The S&P 500 has been doing worse in 2022, it has been passing it by 10.47%. GE is forecasted to generate revenues of $18.55 billion and EPS of 50.33 cents.

GE's run now faces a challenge at $88.24, which is only 37 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

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