The stock of CanWel Building Materials Group Ltd (TSE:CWX) gapped up by $0.04 today and has $8.42 target or 50.00% above today’s $5.61 share price. The 9 months technical chart setup indicates low risk for the $339.32 million company. The gap was reported on Nov, 10 by Barchart.com. If the $8.42 price target is reached, the company will be worth $169.66 million 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 63,390 shares traded hands. CanWel Building Materials Group Ltd (TSE:CWX) has risen 11.96% since April 6, 2016 and is uptrending. It has outperformed by 6.31% the S&P500.
CanWel Building Materials Group Ltd (TSE:CWX) Ratings Coverage
Out of 3 analysts covering Canwel Building Materials Group Ltd. (TSE:CWX), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $8 is the highest target while $6 is the lowest. The $7.25 average target is 29.23% above today’s ($5.61) stock price. Canwel Building Materials Group Ltd. has been the topic of 4 analyst reports since October 29, 2015 according to StockzIntelligence Inc. On Wednesday, November 2 the stock rating was downgraded by Cormark Securities to “Market Perform”.
More recent CanWel Building Materials Group Ltd (TSE:CWX) news were published by: Marketwired.com which released: “CanWel Building Materials Group Ltd. Announces $60 Million Bought Deal Equity …” on August 15, 2016. Also Marketwired.com published the news titled: “CanWel Building Materials Announces Quarterly Dividend” on June 15, 2016. Marketwired.com‘s news article titled: “CanWel Building Materials Announces Second Quarter 2016 Financial Results” with publication date: August 09, 2016 was also an interesting one.
CanWel Building Materials Group Ltd
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