The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Best Consumer Discretionary Stocks to Buy Now
2021-10-08 • Updated
What are consumer discretionary stocks?
Companies in the consumer discretionary sector produce goods and offer services that are nonessential, such as appliances, cars, and entertainment. Many people lost their jobs during Covid-19 and even if they didn’t lose, they stopped spending as much money as they used to before the coronavirus crisis. Now, people are getting back to their pre-covid habits as the economic situation has been improving thanks to vaccinations. As a result, consumers have started spending more money on nonessential products and thus pushing the stocks of these companies up. Let’s look at these stocks!
Footwear and apparel stocks are grabbing more and more attention from traders. A recent survey of 10,000 US teens showed that Nike is the top spot among their favorite footwear and clothing brands. Adidas has also entered the top three for footwear. Besides, Wedbush, an investment firm based in Los Angeles, gave Nike and Adidas outperform ratings.
Nike has just reversed up from the 200-day moving average of $145.00 and stopped ahead of the 100-day MA at $154.00. Sooner or later, it will break this resistance level. After this breakout, the stock price may jump to the high of September 23 at $160.00. Support levels are the 200-day MA of $145.00 and the psychological mark of $140.00.
Automakers are edging higher especially those that are engaged in the production of electric vehicles. For example, Ford is making great moves these days. Why? It has been active in trying to become a frontrunner in conversion from petrol-driven cars to electric vehicles by the big US automakers. Ford has announced that it will invest over $11 billion to create an EV and battery manufacturing "mega campus" in Tennessee in combo with other battery plants in Kentucky, and also with Korean partner SK Innovation. In addition, Ford reported its sales for September and claimed that its electric-vehicle offerings have attracted more customers than Ford’s overall portfolio.
The stock price of Ford has rocketed above the psychological mark of $15.00! If it continues rallying up and closes above the $15.50 resistance level, it will rocket to $16.00. It looks that Ford is undervalued and soon will exceed its all-time high of $19.00. Support levels are $15.00 and the 100-day MA of $14.00.
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