The stock of Commonwealth Bank of Australia (ASX:CBA) gapped up by $0.35 today and has $115.19 target or 52.00% above today’s $75.78 share price. The 9 months technical chart setup indicates low risk for the $130.58B company. The gap was reported on Nov, 11 by Barchart.com. If the $115.19 price target is reached, the company will be worth $67.90B 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 3.44% or $2.52 on November 11, hitting $75.78. About 6.08M shares traded hands or 128.57% up from the average. Commonwealth Bank of Australia (ASX:CBA) has risen 1.04% since April 15, 2016 and is uptrending. It has underperformed by 5.11% the S&P500.
More notable recent Commonwealth Bank of Australia (ASX:CBA) news were published by: Reuters.com which released: “Commonwealth Bank of Australia first-quarter cash profit flat as margins t…” on November 07, 2016, also Reuters.com with their article: “BRIEF-Commonwealth Bank Of Australia says John Anderson, KBE to retire as …” published on November 09, 2016, Reuters.com published: “BRIEF-Commonwealth Bank Of Australia says qtrly statutory net profit appro…” on November 07, 2016. More interesting news about Commonwealth Bank of Australia (ASX:CBA) were released by: Reuters.com and their article: “BRIEF-Commonwealth Bank of Australia commences fee refunds for affected ad…” published on October 27, 2016 as well as Smh.com.Au‘s news article titled: “The Trump plan, and Commonwealth Bank joins fight for social justice” with publication date: October 18, 2016.
Commonwealth Bank of Australia is a well-known provider of financial services, including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance firm activities. The company has a market cap of $130.58 billion.
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