Positive price action presents imminent price targets for these 3 stocks

Published: November 25 2022, 13:50 GMT+0

Positive price action presents imminent price targets for these 3 stocks

Read up on Ford Motor Co, Western Digital Corp, Broadcom as they approach key price targets in the near term.

Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq gained 0.99% and closed at 11,300. S&P 500 ended the session at 4,027.26 after a 0.59% gain.

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.

Ford's price target: $13.9 | Last close: $14.03 | Daily range: $13.85 – $14.06 | Off hours: $14.03

The US automaker has almost recovered all its losses from a previous close of $14.07 after dipping down to $13.85 Wednesday. Continuing its a 9 day bearish run (-43 cents), Ford Motors showed losses Wednesday. The day's trading volume totalled 25.71 million shares — lower than the 21-day average of 56.39 million.

The US automaker reached a significant high of $25.19 around 10 months ago but has lost 44.14% since then. Ford Motors is currently trading with a market cap of $55.41 billion with an average daily trading volume of 56.39 million shares. So far in 2022, it has been under-performing the S&P by 16.27%. Ford Motors last reported revenue of $39.39 billion with an EPS of 51 cents.

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

Buyers pushing Western Digital towards its price target of $37.4; currently at $37

After ending Tuesday at $36.23, Western Digital spiked to $37.11 Wednesday, dropped back to starting point range, and rallied again to $37. Western Digital has increased a total of 28 cents over the past 3 days, with Wednesday's session contributing to the uptrend. The day's trading volume totalled 3.25 million shares — slightly below the 21-day average of 4.33 million.

The data storage devices manufacturer traded as high as $67.62 before shedding 35.11% lower over the past six months. Western Digital's market cap currently stands at $11.75 billion with an average daily trading volume of 4.33 million shares. So far in 2022, it has been doing worse than the Nasdaq by 3.7%. $3.74 billion was Western Digital's last reported revenue with 20 cents being the current EPS.

Western Digital's recent run now faces a major challenge as concentrated supply is likely found at $37.4 with price action currently 40 cents away.

Buyers pushing Broadcom towards its price target of $540.48; currently at $533.64

Broadcom's run now faces a challenge at $540.48, which is only $6.84 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Broadcom continues a 6 day surge, reaping a total of 4.28%. Wednesday's session pointed in the same direction — after ending Tuesday at $530.05, Broadcom spiked to $541.42 Wednesday, dropped back to starting point range, and rallied again to $533.64. The day's trading volume totalled 1.40 million shares — below the 21-day average of 2.19 million.

Back