The stock of Turquoise Hill Resources Ltd (TSE:TRQ) gapped down by $0.02 today and has $4.18 target or 9.00% below today’s $4.59 share price. The 9 months technical chart setup indicates high risk for the $9.47B company. The gap down was reported on Nov, 15 by Barchart.com. If the $4.18 price target is reached, the company will be worth $852.30M 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%. About 1.06 million shares traded hands. Turquoise Hill Resources Ltd (TSE:TRQ) has risen 41.82% since April 11, 2016 and is uptrending. It has outperformed by 37.89% the S&P500.
Turquoise Hill Resources Ltd (TSE:TRQ) Ratings Coverage
Out of 5 analysts covering Turquoise Hill Resources (TSE:TRQ), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $5.50 is the highest target while $4.50 is the lowest. The $5.13 average target is 11.76% above today’s ($4.59) stock price. Turquoise Hill Resources has been the topic of 8 analyst reports since November 9, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Thursday, October 20 with “Sector Perform”. The stock of Turquoise Hill Resources Ltd (TSE:TRQ) has “Sector Perform” rating given on Friday, October 21 by Scotia Capital. The stock of Turquoise Hill Resources Ltd (TSE:TRQ) has “Buy” rating given on Friday, December 11 by TD Securities. The stock of Turquoise Hill Resources Ltd (TSE:TRQ) earned “Buy” rating by TD Securities on Friday, November 4. The firm has “Hold” rating by Canaccord Genuity given on Friday, August 19. TD Securities maintained it with “Buy” rating and $5.50 target price in Monday, October 24 report.
Another recent and important Turquoise Hill Resources Ltd (TSE:TRQ) news was published by Streetinsider.com which published an article titled: “Turquoise Hill Resources Ltd (TRQ) Reports In-Line Q3 EPS” on November 03, 2016.
Turquoise Hill Resources Ltd. is an international mining company. The company has a market cap of $9.47 billion. The Firm focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. It has a 22.95 P/E ratio. The Company’s Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia’s capital city, and approximately 80 kilometers north of the Mongolia-China border.
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