Positive price action presents imminent price targets for these 3 stocks

Published: November 25 2022, 10:50 GMT+0

Positive price action presents imminent price targets for these 3 stocks

Price action reveals eBay Inc, Philip Morris International, PNC Financial Services Group Inc as the stocks to watch as they near pivotal price targets in the near term.

A recap of Wednesday's session: Markets were up Wednesday; 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. Support and resistance lines are important components of technical analysis used in predicting a price target because they prevent an asset from being pushed beyond a certain limit. When an asset drops in value it nears its support line, and when it increases in value it comes closer to its resistance line. Assets that are on a trend and are approaching one of their lines are selected for this article.

EBay's price target: $44.97 | Last close: $45.23 | Daily range: $45.11 – $45.78 | Off hours: $45.23

A persuasive break of this target could lead to higher losses.

While on a 7 day downtrend a slight improvement can be seen from Wednesday's session: without a clear direction, eBay closed at $45.23 while ranging between $45.11 and $45.78. The day's trading volume totalled 4.92 million shares — slightly under the 21-day average of 6.36 million.

Philip Morris's Price target: $98.74 | Last close: $98.11 | Daily range: $97.19 – $98.6 | Off hours: $98.11

Philip Morris rallied 0.98% and ended the session at $98.11. Philip Morris has increased a total of $6.19 over the past 11 days, with Wednesday's session contributing to the uptrend. The day's trading volume totalled 2.98 million shares — slightly below the 21-day average of 3.92 million.

Philip Morris hit a significant low of $83 around a month ago, but has since recovered 17.05%. Philip Morris's market cap is currently $152 billion with an average daily trading volume of 3.92 million shares. Philip Morris expected revenue of $7.43 billion with an EPS of $1.37.

Philip Morris's run now faces a challenge at $98.74, which is only 63 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

PNC's Price target: $167.43 | Last close: $166.5 | Daily range: $164.5 – $166.89 | Off hours: $166.5

PNC's recent run now faces a major challenge as concentrated supply is likely found at $167.43 with price action currently 93 cents away.

PNC displays further gains following a recent trend of 5 days and $6.18. Wednesday's session pointed in the same direction — pronounced bullish sentiment in the market helped the Pittsburgh-based bank to make a notable 0.92% gain Wednesday, rising $1.52 and ultimately closing at $166.5. Wednesday's trading volume was 1.20 million shares which is under the 21-day average of 2.18 million.

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