The stock of Orocobre Ltd (TSE:ORL) gapped up by $0.15 today and has $4.17 target or 3.00% above today’s $4.05 share price. The 6 months technical chart setup indicates low risk for the $816.04 million company. The gap was reported on Nov, 22 by Barchart.com. If the $4.17 price target is reached, the company will be worth $24.48M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 28,728 shares traded hands. Orocobre Ltd (TSE:ORL) has risen 22.01% since April 18, 2016 and is uptrending. It has outperformed by 17.46% 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: “Why the Orocobre Ltd share price is up 133% in 6 months” published on May 18, 2016, Fool.com.Au published: “Orocobre Limited shares soar as lithium price hype builds” on May 26, 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: “Altura Mining Limited & Orocobre Ltd: 2 lithium miners that could go …” with publication date: April 13, 2016.
Orocobre Limited operates primarily in Argentina in the mining industry. The company has a market cap of $816.04 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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