The stock of Newcrest Mining Limited (ASX:NCM) gapped up by $0.24 today and has $27.97 target or 24.00% above today’s $22.56 share price. The 5 months technical chart setup indicates low risk for the $17.30B company. The gap was reported on Oct, 31 by Barchart.com. If the $27.97 price target is reached, the company will be worth $4.15 billion 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%. The stock increased 5.32% or $1.14 on October 31, hitting $22.56. About 4.77 million shares traded hands or 41.12% up from the average. Newcrest Mining Limited (ASX:NCM) has risen 32.78% since April 4, 2016 and is uptrending. It has outperformed by 29.31% the S&P500.
More notable recent Newcrest Mining Limited (ASX:NCM) news were published by: Fool.com.Au which released: “Why I’m avoiding Newcrest Mining Limited” on October 04, 2016, also Fool.com.Au with their article: “Newcrest Mining Limited is a Brexit winner: Are its shares a buy?” published on October 27, 2016, Fool.com.Au published: “Why now might be a bad time to buy Newcrest Mining Limited shares” on September 16, 2016. More interesting news about Newcrest Mining Limited (ASX:NCM) were released by: Bloomberg.com and their article: “Newcrest Full-Year Profit Falls 24% on Lower Gold Prices” published on August 14, 2016 as well as Fool.com.Au‘s news article titled: “3 reasons Newcrest Mining Limited shares could move higher” with publication date: July 21, 2016.
Newcrest Mining Limited is a gold mining company. The company has a market cap of $17.30 billion. The Firm is engaged in exploration, mine development, mine operations, and the sale of gold and gold/copper concentrate. It has a 39.77 P/E ratio. It owns and operates a portfolio of mines and a pipeline of brownfield and greenfield exploration projects.
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