The stock of REA Group Limited (ASX:REA) gapped up by $1.31 today and has $75.61 target or 48.00% above today’s $51.09 share price. The 7 months technical chart setup indicates low risk for the $6.73 billion company. The gap was reported on Nov, 8 by Barchart.com. If the $75.61 price target is reached, the company will be worth $3.23 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 5.36% or $2.6 on November 8, hitting $51.09. About 787,655 shares traded hands or 166.19% up from the average. REA Group Limited (ASX:REA) has declined 3.02% since April 12, 2016 and is downtrending. It has underperformed by 4.97% the S&P500.
More notable recent REA Group Limited (ASX:REA) news were published by: Fool.com.Au which released: “Why REA Group Limited just SHOCKED the market” on November 08, 2016, also Fool.com.Au with their article: “Are shares in REA Group Limited heading below $50?” published on October 17, 2016, Fool.com.Au published: “4 big reasons why REA Group Limited shares keep rising” on June 22, 2016. More interesting news about REA Group Limited (ASX:REA) were released by: Fool.com.Au and their article: “Why investors dumped REA Group Limited shares today” published on August 09, 2016 as well as Fool.com.Au‘s news article titled: “REA Group Limited slammed on Domain’s growth” with publication date: August 01, 2016.
REA Group Limited advertises property and property-related services on Websites and mobile applications in Australia, Europe and Asia. The company has a market cap of $6.73 billion. The Company’s divisions include Australia, Europe, North America, Asia and Corporate. It has a 26.6 P/E ratio. It operates residential and commercial property sites, realestate.com.au and realcommercial.com.au in Australia.