The stock of Ramsay Health Care Limited (ASX:RHC) gapped down by $0.22 today and has $64.91 target or 9.00% below today’s $71.33 share price. The 8 months technical chart setup indicates high risk for the $14.41 billion company. The gap down was reported on Nov, 15 by Barchart.com. If the $64.91 price target is reached, the company will be worth $1.30 billion 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 1.19% or $0.86 on November 15, hitting $71.33. About 335,325 shares traded hands. Ramsay Health Care Limited (ASX:RHC) has risen 13.62% since April 19, 2016 and is uptrending. It has outperformed by 9.69% the S&P500.
More notable recent Ramsay Health Care Limited (ASX:RHC) news were published by: Fool.com.Au which released: “3 reasons why I’d buy Ramsay Health Care Limited shares today” on September 22, 2016, also Fool.com.Au with their article: “Ramsay Health Care Limited reports huge profits, is it time to invest?” published on August 30, 2016, Fool.com.Au published: “Where to next for the Ramsay Health Care Limited share price?” on September 29, 2016. More interesting news about Ramsay Health Care Limited (ASX:RHC) were released by: Fool.com.Au and their article: “Why an investment in Ramsay Health Care Limited could make you wealthy” published on May 19, 2016 as well as Fool.com.Au‘s news article titled: “CRASH: Is Ramsay Health Care Limited a buy at this share price?” with publication date: October 24, 2016.
Ramsay Health Care Limited is an operator of hospitals. The company has a market cap of $14.41 billion. The Firm operates approximately 223 hospitals and day surgery facilities across Australia, the United Kingdom, France, Indonesia, Malaysia and Italy. It has a 33.01 P/E ratio. The Company’s divisions are Asia Pacific, UK and France.
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