The stock of Turquoise Hill Resources Ltd (TSE:TRQ) gapped up by $0.02 today and has $5.28 target or 7.00% above today’s $4.93 share price. The 7 months technical chart setup indicates low risk for the $10.23 billion company. The gap was reported on Nov, 24 by Barchart.com. If the $5.28 price target is reached, the company will be worth $716.10 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%. About 313,190 shares traded hands. Turquoise Hill Resources Ltd (TSE:TRQ) has risen 26.46% since April 20, 2016 and is uptrending. It has outperformed by 21.05% the S&P500.
Turquoise Hill Resources Ltd (TSE:TRQ) Ratings Coverage
Out of 5 analysts covering Turquoise Hill Resources (TSE:TRQ), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. Turquoise Hill Resources has been the topic of 8 analyst reports since November 9, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by TD Securities on Friday, December 11. The firm earned “Sector Perform” rating on Thursday, October 20 by RBC Capital Markets. On Friday, November 4 the stock rating was maintained by TD Securities with “Buy”. Canaccord Genuity maintained Turquoise Hill Resources Ltd (TSE:TRQ) rating on Friday, August 19. Canaccord Genuity has “Hold” rating and $4.50 price target. The stock of Turquoise Hill Resources Ltd (TSE:TRQ) earned “Sector Perform” rating by Scotia Capital on Friday, October 21. The firm has “Buy” rating given on Monday, October 24 by TD Securities.
Another recent and important Turquoise Hill Resources Ltd (TSE:TRQ) news was published by Streetinsider.com which published an article titled: “Turquoise Hill Resources Ltd (TRQ) Reports In-Line Q3 EPS” on November 03, 2016.
Turquoise Hill Resources Ltd. is an international mining company. The company has a market cap of $10.23 billion. The Firm focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. It has a 24.77 P/E ratio. The Company’s Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia’s capital city, and approximately 80 kilometers north of the Mongolia-China border.
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