The stock of Vedanta Resources plc (LON:VED) gapped down by GBX 11.627 today and has GBX 714.12 target or 7.00% below today’s GBX 767.87 share price. The 6 months technical chart setup indicates high risk for the GBX 2.13B company. The gap down was reported on Nov, 15 by Barchart.com. If the GBX 714.12 price target is reached, the company will be worth GBX 149.10M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 5.67% or GBX 46.13 on November 15, hitting GBX 767.87. About 981,287 shares traded hands or 26.47% up from the average. Vedanta Resources plc (LON:VED) has risen 89.05% since April 19, 2016 and is uptrending. It has outperformed by 85.13% the S&P500.
Vedanta Resources plc (LON:VED) Ratings Coverage
Out of 12 analysts covering Vedanta Resources PLC (LON:VED), 2 rate it a “Buy”, 4 “Sell”, while 6 “Hold”. This means 17% are positive. Vedanta Resources PLC has been the topic of 103 analyst reports since July 23, 2015 according to StockzIntelligence Inc. Jefferies maintained Vedanta Resources plc (LON:VED) on Tuesday, April 12 with “Underperform” rating. The firm has “Underperform” rating by Jefferies given on Monday, April 18. The firm has “Hold” rating by Jefferies given on Thursday, November 10. The company was downgraded on Tuesday, November 15 by Credit Suisse. The stock has “Hold” rating given by Jefferies on Thursday, July 23. Credit Suisse downgraded Vedanta Resources plc (LON:VED) on Tuesday, September 22 to “Underperform” rating. The firm has “Hold” rating given on Wednesday, March 23 by Deutsche Bank. The firm has “Speculative” rating given on Thursday, December 31 by AlphaValue. The firm has “Hold” rating given on Thursday, June 16 by Deutsche Bank. The firm has “Hold” rating given on Friday, July 31 by Deutsche Bank.
More notable recent Vedanta Resources plc (LON:VED) news were published by: Moodys.com which released: “Moody’s: Vedanta Resources plc’s refinancing efforts boosted by dividend from …” on March 31, 2016, also Moodys.com with their article: “Moody’s upgrades Vedanta Resources’ CFR to B1 from B2; outlook stable” published on September 13, 2016, Bloomberg.com published: “Vedanta’s 132% Bond Return From Abyss Has Funds Expecting More” on September 16, 2016. More interesting news about Vedanta Resources plc (LON:VED) were released by: Moodys.com and their article: “Moody’s: Vedanta Resources plc’s announced buybacks are opportunistic and are …” published on April 05, 2016 as well as Bloomberg.com‘s news article titled: “Vedanta Resources Bonds Rise After Cairn Merger Deal Sweetened” with publication date: July 25, 2016.
Vedanta Resources plc is a natural resources company, which is engaged in exploring, extracting and processing minerals, and gas and oil. The company has a market cap of 2.13 billion GBP. The Firm produces zinc, lead, silver, copper, aluminum, iron ore, gas and oil, and commercial power. It currently has negative earnings. The Company’s activities are located in India, Zambia, Namibia, South Africa, Liberia, Ireland, Australia and the United Arab Emirates.
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