The stock of BCE Inc. (TSE:BCE) gapped down by $0.41 today and has $55.57 target or 7.00% below today’s $59.75 share price. The 9 months technical chart setup indicates high risk for the $52.17B company. The gap down was reported on Sep, 13 by Barchart.com. If the $55.57 price target is reached, the company will be worth $3.65B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 1.28 million shares traded hands or 38.11% up from the average. BCE Inc. (TSE:BCE) has risen 5.38% since February 5, 2016 and is uptrending. It has underperformed by 11.11% the S&P500.
Out of 7 analysts covering BCE Inc (TSE:BCE), 3 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 43% are positive. BCE Inc has been the topic of 14 analyst reports since October 27, 2015 according to StockzIntelligence Inc.
BCE Inc. is a communications company. The company has a market cap of $52.17 billion. The Firm provides a range of broadband communications and content services to consumer, residential, business and government clients in Canada. It has a 18.9 P/E ratio. The Firm offers various services under the Bell and Bell Aliant brands, such as fiber Internet protocol television and high-speed Internet services, home phone and business network and communications services.
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