The stock of Balfour Beatty plc (LON:BBYB) gapped down by GBX 1.25 today and has GBX 110.95 target or 7.00% below today’s GBX 119.30 share price. The 9 months technical chart setup indicates high risk for the GBX 1.93B company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 110.95 price target is reached, the company will be worth GBX 135.10M 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 increased 2.40% or GBX 2.8 on November 18, hitting GBX 119.3. About 121,958 shares traded hands or 65.60% up from the average. Balfour Beatty plc (LON:BBYB) has declined 1.69% since April 18, 2016 and is downtrending. It has underperformed by 6.12% the S&P500.
Balfour Beatty plc is an infrastructure firm that provides maintenance, upgrade and management services in power transmission, utilities infrastructure, and road and rail. The company has a market cap of 1.93 billion GBP. The Firm operates through three divisions: Construction Services segment, which is engaged in the physical construction of an asset; Support Services segment, which is engaged in supporting existing assets or functions, such as asset maintenance and refurbishment, and Infrastructure Investments segment, which is engaged in the acquisition operation and disposal of infrastructure assets, such as roads, hospitals, schools, student accommodation, military housing, waste and biomass, offshore transmission networks and other concessions. It currently has negative earnings. The Company’s Infrastructure Investments segment also includes housing development division.
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