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May 20, 2023
Price action reveals CenturyLink, Inc. d/b/a Lumen T, Twenty-First Century Fox Inc., Twilio Inc. as the stocks to watch as they near pivotal price targets in the near term.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones lost 0.33% and ended the session at 33,427. After dropping 0.24%, Nasdaq closed at 12,658.
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.
Lumen Technologies is trading at $2.35, its target level is $2.3
A convincing break of this target could pave the way for deeper losses.
Over the last 3 days, Lumen has fallen 11%. yesterday's session continued down the same path: the integrated communications company plunged into the red after losing 6.37%, declining to $2.35. The day's trading volume totalled 14.94 million shares — slightly below the 21-day average of 20 million.
Buyers pushing Twenty-First Century Fox towards its price target of $29.06; currently at $28.92
After closing at $28.7 on Thursday, Twenty-First Century Fox rallied as high as $29 but ended the day at $28.92. Yesterday's gains added to Twenty-First Century Fox's 7 days uptrend, during which it increased a total of 54 cents. Yesterday's trading volume was 1.17 million shares which is slightly under the 21-day average of 1.24 million.
The multinational entertainment provider is now trading 16.47% below the significant high of $34.36 it set around 3 months ago. The US entertainment company's market cap currently stands at $15.23 billion with an average daily trading volume of 1.24 million shares. So far this year, it has been doing worse than the Nasdaq by 15.84%.
Twenty-First Century Fox's run now faces a challenge at $29.06, which is only 14 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Buyers pushing Twilio towards its price target of $52.05; currently at $51.21
Twilio's recent run now faces a major challenge as concentrated supply is likely found at $52.05 with price action currently 84 cents away.
Twilio has posted further gains as part of a 6 day trend that has already seen the stock gain $3.08. it was more of the same for Twilio yesterday — the communication tools developer went up to $51.21, gaining 4.7%. Daily trading volume (6 million shares) was slightly greater than the current multiday average of 5.61 million.
