The stock of CALEDONIA MINING CORPORATION PLC (TSE:CAL) gapped up by $0.1 today and has $3.41 target or 69.00% above today’s $2.02 share price. The 5 months technical chart setup indicates low risk for the $99.27 million company. The gap was reported on Sep, 13 by Barchart.com. If the $3.41 price target is reached, the company will be worth $68.50 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 41,344 shares traded hands. CALEDONIA MINING CORPORATION PLC (TSE:CAL) has risen 118.39% since February 5, 2016 and is uptrending. It has outperformed by 101.90% the S&P500.
Out of 3 analysts covering Caledonia Mining Plc (TSE:CAL), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Caledonia Mining Plc has been the topic of 3 analyst reports since September 21, 2015 according to StockzIntelligence Inc.
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