The stock of Orocobre Ltd (TSE:ORL) gapped up by $0.4 today and has $5.79 target or 50.00% above today’s $3.86 share price. The 7 months technical chart setup indicates low risk for the $692.24 million company. The gap was reported on Oct, 31 by Barchart.com. If the $5.79 price target is reached, the company will be worth $346.12M 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 179,860 shares traded hands or 155.61% up from the average. Orocobre Ltd (TSE:ORL) has risen 16.20% since March 24, 2016 and is uptrending. It has outperformed by 12.72% the S&P500.
More notable recent Orocobre Ltd (TSE:ORL) news were published by: Fool.com.Au which released: “Here’s why Orocobre Limited shares have gone gangbusters today” on October 31, 2016, also Fool.com.Au with their article: “Up 118%: Is lithium producer Orocobre Limited still a buy?” published on July 19, 2016, Fool.com.Au published: “Orocobre Limited shares soar as lithium price hype builds” on May 26, 2016. More interesting news about Orocobre Ltd (TSE:ORL) were released by: Fool.com.Au and their article: “Why the Orocobre Ltd share price is up 133% in 6 months” published on May 18, 2016 as well as Fool.com.Au‘s news article titled: “Altura Mining Limited & Orocobre Ltd: 2 lithium miners that could go …” with publication date: April 13, 2016.
Orocobre Limited operates primarily in Argentina in the mining industry. The company has a market cap of $692.24 million. The Firm engages in the production ramp up of its Olaroz Lithium Facility and the operation of Borax Argentina S.A. . It currently has negative earnings. The Company’s divisions include Corporate, the Olaroz project, South American Salars and Borax Argentina.
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