The stock of Centamin PLC (TSE:CEE) gapped up by $0.03 today and has $4.34 target or 59.00% above today’s $2.73 share price. The 5 months technical chart setup indicates low risk for the $2.88 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $4.34 price target is reached, the company will be worth $1.70B 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 175,689 shares traded hands or 789.61% up from the average. Centamin PLC (TSE:CEE) has risen 47.06% since April 5, 2016 and is uptrending. It has outperformed by 42.28% the S&P500.
More news for Centamin PLC (TSE:CEE) were recently published by: Marketwired.com, which released: “Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016” on October 31, 2016. Fool.Co.Uk‘s article titled: “Can 2016 winners Centamin plc (+145%), Anglo American plc (+149%) and Lonmin …” and published on July 08, 2016 is yet another important article.
Centamin plc is a mineral exploration, development and mining company. The company has a market cap of $2.88 billion. The Firm operates in Egypt, Ethiopia, the United Kingdom and Australia. It has a 0.38 P/E ratio. The Company’s segment is the business of exploration and mining of precious metals.
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