The stock of Norbord Inc (TSE:OSB) gapped down by $0.01 today and has $29.57 target or 6.00% below today’s $31.46 share price. The 9 months technical chart setup indicates high risk for the $2.65B company. The gap down was reported on Oct, 28 by Barchart.com. If the $29.57 price target is reached, the company will be worth $159.00 million 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 301,520 shares traded hands or 88.86% up from the average. Norbord Inc (TSE:OSB) has risen 27.60% since March 23, 2016 and is uptrending. It has outperformed by 22.89% the S&P500.
Norbord Inc (TSE:OSB) Ratings Coverage
Out of 3 analysts covering Norbord Inc. (TSE:OSB), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $35 is the highest target while $26 is the lowest. The $31.75 average target is 0.92% above today’s ($31.46) stock price. Norbord Inc. has been the topic of 3 analyst reports since May 2, 2016 according to StockzIntelligence Inc. The rating was downgraded by IBC on Monday, October 24 to “Sector Perform”. Scotia Capital maintained Norbord Inc (TSE:OSB) on Monday, June 27 with “Outperform” rating.
Another recent and important Norbord Inc (TSE:OSB) news was published by Bloomberg.com which published an article titled: “Norbord to Buy Ainsworth to Add Board Mills” on December 08, 2014.
Norbord Inc. is a manufacturer of wood panels. The company has a market cap of $2.65 billion. The Firm is engaged in producing oriented strand board with annual capacity of approximately eight billion square feet (Bsf) (3/8-inch basis). It has a 28.5 P/E ratio. The Company’s geographic divisions include North America and Europe.
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