The stock of Polo Resources Limited (LON:POL) gapped up by GBX 0.025 today and has GBX 8.17 target or 3.00% above today’s GBX 7.93 share price. The 9 months technical chart setup indicates low risk for the GBX 24.88M company. The gap was reported on Nov, 24 by Barchart.com. If the GBX 8.17 price target is reached, the company will be worth GBX 746,400 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 4.29% or GBX 0.33 on November 24, hitting GBX 7.93. About 587,756 shares traded hands. Polo Resources Limited (LON:POL) has declined 58.69% since April 27, 2016 and is downtrending. It has underperformed by 64.10% the S&P500.
Polo Resources Limited is a natural resources investment company. The company has a market cap of 24.88 million GBP. The Firm is focused on natural resources and mine development with interests in gas and oil, gold, coal, iron ore, phosphate and copper. It currently has negative earnings. The Firm acquires and manages investments in companies and projects and also invests in exploration companies.
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