Russel Metals Inc Can’t Be More Safe. Trades Significantly Higher After A Gap Up

 Russel Metals Inc Can't Be More Safe. Trades Significantly Higher After A Gap Up

The stock of Russel Metals Inc (TSE:RUS) gapped up by $0.25 today and has $34.85 target or 49.00% above today’s $23.39 share price. The 6 months technical chart setup indicates low risk for the $1.47 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $34.85 price target is reached, the company will be worth $720.30M 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 426,369 shares traded hands or 256.96% up from the average. Russel Metals Inc (TSE:RUS) has risen 4.77% since April 5, 2016 and is uptrending. It has underperformed by 0.01% the S&P500.

Russel Metals Inc (TSE:RUS) Ratings Coverage

Out of 4 analysts covering Russel Metals (TSE:RUS), 0 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 0 are positive. $27 is the highest target while $17 is the lowest. The $20.67 average target is -11.63% below today’s ($23.39) stock price. Russel Metals has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets downgraded the stock to “Underperform” rating in Thursday, October 8 report. The firm has “Hold” rating given on Friday, August 14 by TD Securities. TD Securities maintained the stock with “Hold” rating in Tuesday, July 28 report. BMO Capital Markets maintained it with “Market Perform” rating and $21 target price in Friday, August 14 report. Raymond James maintained Russel Metals Inc (TSE:RUS) rating on Friday, August 14. Raymond James has “Outperform” rating and $25 price target.

More news for Russel Metals Inc (TSE:RUS) were recently published by: Prnewswire.com, which released: “Russel Metals Inc. Notice – 2016 Third Quarter Results Conference Call” on January 15, 2016. Theglobeandmail.com‘s article titled: “The Globe and Mail” and published on July 13, 2010 is yet another important article.

Russel Metals Inc. is a metals distribution company. The company has a market cap of $1.47 billion. The Company’s divisions include metals service centers, energy products and steel distributors. It currently has negative earnings. The metals service centers segment provides processing and distribution services to a base of end users.

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