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May 28, 2023
Change of direction? News Corp, Vodafone Group Plc, Twenty-First Century Fox Inc., among others, are approaching price targets.
Friday's session summary: Markets closed higher Friday, as Nasdaq gained 2.19% and closed at 12,976. S&P 500 ended the session at 4,205.45 after a 1.3% gain.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of communication_services stocks and their price targets.
Buyers pushing News Corp towards its price target of $18.67; currently at $18.54
News Corp's run now faces a challenge at $18.67, which is only 13 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
News Corp has posted further gains as part of a 3 day trend that has already seen the stock gain 1 cents. Friday's session pointed in the same direction — pronounced bullish sentiment in the market helped the media giant to make a notable 1.7% gain Friday, rising 31 cents and ultimately closing at $18.54. The day's trading volume totalled 1.70 million shares — slightly under the 21-day average of 2.54 million.
Vodafone Group is trading at $9.82, its target level is $9.73
A persuasive break of this target could lead to higher losses.
Vodafone Group's bearish run has lasted 4 days so far (-45 cents). more of the same from Friday's session: the iconic telecoms provider has recovered almost all of its session losses after dipping down to $9.69 Friday. Trading volume totalled 4.63 million which equates to around 79% of the stock's 21-day average Friday.
Buyers pushing Twenty-First Century Fox towards its price target of $29.46; currently at $29.25
Twenty-First Century Fox's recent run now faces a major challenge as concentrated supply is likely found at $29.46 with price action currently 21 cents away.
Twenty-First Century Fox has posted further gains as part of a 12 day trend that has already seen the stock gain 76 cents. on-trend Twenty-First Century Fox closed the session Friday with more of the same: the multinational entertainment provider gained 1.14% and stayed at $29.25 levels. Daily trading volume (1.93 million shares) was higher than the current multiday average of 1.28 million.
