The stock of Turquoise Hill Resources Ltd (TSE:TRQ) gapped up by $0.02 today and has $5.29 target or 20.00% above today’s $4.41 share price. The 8 months technical chart setup indicates low risk for the $9.40 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $5.29 price target is reached, the company will be worth $1.88B 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 517,886 shares traded hands. Turquoise Hill Resources Ltd (TSE:TRQ) has risen 29.00% since April 5, 2016 and is uptrending. It has outperformed by 24.22% the S&P500.
Turquoise Hill Resources Ltd (TSE:TRQ) Ratings Coverage
Out of 5 analysts covering Turquoise Hill Resources (TSE:TRQ), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $5.50 is the highest target while $4.50 is the lowest. The $5.13 average target is 16.33% above today’s ($4.41) stock price. Turquoise Hill Resources has been the topic of 8 analyst reports since November 9, 2015 according to StockzIntelligence Inc. The company was maintained on Friday, August 19 by Canaccord Genuity. The stock has “Buy” rating given by TD Securities on Monday, October 24. RBC Capital Markets maintained Turquoise Hill Resources Ltd (TSE:TRQ) on Thursday, October 20 with “Sector Perform” rating. The rating was maintained by Scotia Capital on Friday, October 21 with “Sector Perform”. The stock has “Buy” rating given by TD Securities on Friday, November 4. The company was upgraded on Friday, December 11 by TD Securities.
Another recent and important Turquoise Hill Resources Ltd (TSE:TRQ) news was published by Streetinsider.com which published an article titled: “Turquoise Hill Resources Ltd (TRQ) Reports In-Line Q3 EPS” on November 03, 2016.
Turquoise Hill Resources Ltd. is an international mining company. The company has a market cap of $9.40 billion. The Firm focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. It has a 22.49 P/E ratio. The Company’s Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia’s capital city, and approximately 80 kilometers north of the Mongolia-China border.
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