The stock of CSR Limited (ASX:CSR) gapped up by $0.1 today and has $5.71 target or 46.00% above today’s $3.91 share price. The 6 months technical chart setup indicates low risk for the $1.97 billion company. The gap was reported on Nov, 2 by Barchart.com. If the $5.71 price target is reached, the company will be worth $906.20M 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 8.61% or $0.31 on November 2, hitting $3.91. About 8.50M shares traded hands or 372.22% up from the average. CSR Limited (ASX:CSR) has risen 21.43% since April 6, 2016 and is uptrending. It has outperformed by 18.90% the S&P500.
More important recent CSR Limited (ASX:CSR) news were published by: Fool.com.Au which released: “Why the CSR Limited share price rocketed today” on May 11, 2016, also Fool.com.Au published article titled: “5 key takeaways from CSR Limited’s Half-Year report”, Fool.com.Au published: “Here’s why these 4 ASX shares are soaring today” on November 02, 2016. More interesting news about CSR Limited (ASX:CSR) was released by: Fool.com.Au and their article: “Here’s why the Boral Limited share price is falling today” with publication date: August 24, 2016.
CSR Limited is engaged in the manufacture and supply of building products in Australia and New Zealand. The company has a market cap of $1.97 billion. The Firm operates through four divisions: Building Products, Glass, Aluminium and Property. It has a 13.95 P/E ratio. The Company’s Building Products include Lightweight Systems, such as Gyprock plasterboard and Cemintel fibre cement; Insulation, including Bradford and Martini insulation, AFS walling systems, Bricks.
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