The stock of Orocobre Ltd (TSE:ORL) gapped down by $0.16 today and has $3.65 target or 5.00% below today’s $3.84 share price. The 5 months technical chart setup indicates high risk for the $853.29 million company. The gap down was reported on Nov, 18 by Barchart.com. If the $3.65 price target is reached, the company will be worth $42.66 million 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 50,530 shares traded hands. Orocobre Ltd (TSE:ORL) has risen 27.67% since April 14, 2016 and is uptrending. It has outperformed by 23.24% 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: “Orocobre Limited shares soar as lithium price hype builds” published on May 26, 2016, Fool.com.Au published: “Why the Orocobre Ltd share price is up 133% in 6 months” on May 18, 2016. More interesting news about Orocobre Ltd (TSE:ORL) were released by: Fool.com.Au and their article: “Is it time to sell Orocobre Limited and the rest of the lithium producers?” published on September 21, 2016 as well as Fool.com.Au‘s news article titled: “Here’s why Orocobre Limited shares have gone gangbusters today” with publication date: October 31, 2016.
Orocobre Limited operates primarily in Argentina in the mining industry. The company has a market cap of $853.29 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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