The stock of Glencore PLC (LON:GLEN) gapped up by GBX 1.4 today and has GBX 308.35 target or 9.00% above today’s GBX 282.89 share price. The 6 months technical chart setup indicates low risk for the GBX 40.96 billion company. The gap was reported on Nov, 22 by Barchart.com. If the GBX 308.35 price target is reached, the company will be worth GBX 3.69B 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%. The stock increased 5.50% or GBX 14.74 on November 22, hitting GBX 282.89. About 56.66 million shares traded hands. Glencore PLC (LON:GLEN) has risen 65.73% since April 22, 2016 and is uptrending. It has outperformed by 61.17% the S&P500.
Glencore PLC (LON:GLEN) Ratings Coverage
Out of 28 analysts covering Glencore PLC (LON:GLEN), 14 rate it a “Buy”, 1 “Sell”, while 13 “Hold”. This means 50% are positive. Glencore PLC has been the topic of 304 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Canaccord Genuity on Wednesday, August 24. Bernstein maintained it with “Outperform” rating and GBX 145 target price in Monday, February 1 report. Bernstein maintained Glencore PLC (LON:GLEN) rating on Wednesday, September 23. Bernstein has “Outperform” rating and GBX 450 price target. Deutsche Bank maintained the shares of GLEN in a report on Wednesday, March 2 with “Buy” rating. As per Thursday, February 4, the company rating was maintained by AlphaValue. The rating was maintained by Deutsche Bank on Wednesday, October 14 with “Hold”. The stock of Glencore PLC (LON:GLEN) has “Overweight” rating given on Monday, September 14 by Barclays Capital. The stock of Glencore PLC (LON:GLEN) has “Outperform” rating given on Monday, November 30 by Macquarie Research. JP Morgan maintained the stock with “Neutral” rating in Wednesday, September 16 report. The firm has “Buy” rating by Deutsche Bank given on Tuesday, December 1.
Another recent and important Glencore PLC (LON:GLEN) news was published by Reuters.com which published an article titled: “BRIEF-ACCC notified by Glencore PLC of access dispute on 4 November” on November 16, 2016.
Glencore plc is a Hong Kong-based investment holding company. The company has a market cap of 40.96 billion GBP. The Firm is engaged in the sourcing, marketing, hedging and logistics businesses of metals and minerals, energy products and agriculture products, as well as the investment in related industries. It currently has negative earnings. The Firm operates through three divisions.
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