The stock of Cimic Group Ltd (ASX:CIM) gapped up by $0.19 today and has $32.53 target or 3.00% above today’s $31.58 share price. The 7 months technical chart setup indicates low risk for the $10.24 billion company. The gap was reported on Nov, 24 by Barchart.com. If the $32.53 price target is reached, the company will be worth $307.20 million 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 1.22% or $0.38 on November 24, hitting $31.58. About 297,732 shares traded hands. Cimic Group Ltd (ASX:CIM) has declined 11.76% since April 28, 2016 and is downtrending. It has underperformed by 17.17% the S&P500.
More notable recent Cimic Group Ltd (ASX:CIM) news were published by: Moodys.com which released: “Moody’s: CIMIC’s takeover offer for UGL Limited has no ratings impact” on October 10, 2016, also Fool.com.Au with their article: “UGL Limited recommends Cimic Group Ltd takeover, but should you accept?” published on November 07, 2016, Fool.com.Au published: “Cimic Group Ltd shares crash on accounting concerns” on July 07, 2016. More interesting news about Cimic Group Ltd (ASX:CIM) were released by: Moodys.com and their article: “Moody’s: CIMIC’s 2015 results show improved credit profile; rating unaffected” published on February 10, 2016 as well as Fool.com.Au‘s news article titled: “Here’s why Cimic Group Ltd shares are soaring” with publication date: February 10, 2016.
CIMIC Group Limited is an international contractors and contract miner. The company has a market cap of $10.24 billion. The Firm provides construction, mining, mineral processing, engineering, concessions, and operation and maintenance services to the infrastructure, resources and property markets. It has a 20.07 P/E ratio.
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