The stock of Glencore PLC (LON:GLEN) gapped up by GBX 0.625 today and has GBX 373.14 target or 51.00% above today’s GBX 247.11 share price. The 9 months technical chart setup indicates low risk for the GBX 35.41 billion company. The gap was reported on Nov, 8 by Barchart.com. If the GBX 373.14 price target is reached, the company will be worth GBX 18.06 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 decreased 1.63% or GBX 4.09 on November 8, hitting GBX 247.11. About 49.63M shares traded hands. Glencore PLC (LON:GLEN) has risen 78.76% since April 11, 2016 and is uptrending. It has outperformed by 76.81% the S&P500.
Glencore PLC (LON:GLEN) Ratings Coverage
Out of 28 analysts covering Glencore PLC (LON:GLEN), 13 rate it a “Buy”, 2 “Sell”, while 13 “Hold”. This means 46% are positive. Glencore PLC has been the topic of 296 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by JP Morgan given on Friday, August 12. Bernstein maintained the shares of GLEN in a report on Monday, March 7 with “Outperform” rating. The company was maintained on Monday, August 10 by Nomura. The rating was maintained by Canaccord Genuity with “Speculative Buy” on Monday, March 7. RBC Capital Markets maintained Glencore PLC (LON:GLEN) rating on Wednesday, January 6. RBC Capital Markets has “Sector Perform” rating and GBX 115 price target. JP Morgan maintained Glencore PLC (LON:GLEN) on Monday, August 17 with “Underweight” rating. Liberum Capital maintained it with “Hold” rating and GBX 120 target price in Friday, September 25 report. The company was maintained on Tuesday, February 23 by BNP Paribas. The stock of Glencore PLC (LON:GLEN) earned “Buy” rating by Citigroup on Wednesday, March 2. The rating was maintained by BMO Capital Markets on Thursday, December 10 with “Outperform”.
Another recent and important Glencore PLC (LON:GLEN) news was published by Bloomberg.com which published an article titled: “Glencore Sells Coal Rail Unit for $873 Million to Cut Debt” on October 20, 2016.
Glencore plc is a Hong Kong-based investment holding company. The company has a market cap of 35.41 billion GBP. The Firm is engaged in the sourcing, marketing, hedging and logistics businesses of metals and minerals, energy products and agriculture products, as well as the investment in related industries. It currently has negative earnings. The Firm operates through three divisions.
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