The stock of Orocobre Ltd (TSE:ORL) gapped up by $0.07 today and has $5.38 target or 42.00% above today’s $3.79 share price. The 7 months technical chart setup indicates low risk for the $765.02 million company. The gap was reported on Nov, 14 by Barchart.com. If the $5.38 price target is reached, the company will be worth $321.31 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 104,211 shares traded hands or 32.71% up from the average. Orocobre Ltd (TSE:ORL) has risen 9.31% since April 8, 2016 and is uptrending. It has outperformed by 4.33% the S&P500.
More notable recent Orocobre Ltd (TSE:ORL) news were published by: Fool.com.Au which released: “Up 118%: Is lithium producer Orocobre Limited still a buy?” on July 19, 2016, also Fool.com.Au with their article: “Why the Orocobre Ltd share price is up 133% in 6 months” published on May 18, 2016, Fool.com.Au published: “Here’s why Orocobre Limited shares have gone gangbusters today” on October 31, 2016. More interesting news about Orocobre Ltd (TSE:ORL) were released by: Fool.com.Au and their article: “Orocobre Limited shares soar as lithium price hype builds” published on May 26, 2016 as well as Fool.com.Au‘s news article titled: “Is it time to sell Orocobre Limited and the rest of the lithium producers?” with publication date: September 21, 2016.
Orocobre Limited operates primarily in Argentina in the mining industry. The company has a market cap of $765.02 million. The Firm engages in the production ramp up of its Olaroz Lithium Facility and the operation of Borax Argentina S.A. . It currently has negative earnings. The Company’s divisions include Corporate, the Olaroz project, South American Salars and Borax Argentina.
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