The stock of CanWel Building Materials Group Ltd (TSE:CWX) gapped up by $0.04 today and has $5.73 target or 3.00% above today’s $5.56 share price. The 6 months technical chart setup indicates low risk for the $342.51M company. The gap was reported on Nov, 28 by Barchart.com. If the $5.73 price target is reached, the company will be worth $10.28M 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 134,840 shares traded hands. CanWel Building Materials Group Ltd (TSE:CWX) has risen 10.26% since April 22, 2016 and is uptrending. It has outperformed by 4.25% the S&P500.
CanWel Building Materials Group Ltd (TSE:CWX) Ratings Coverage
Out of 3 analysts covering Canwel Building Materials Group Ltd. (TSE:CWX), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $8 is the highest target while $6 is the lowest. The $7.25 average target is 30.40% above today’s ($5.56) stock price. Canwel Building Materials Group Ltd. has been the topic of 4 analyst reports since October 29, 2015 according to StockzIntelligence Inc. The rating was downgraded by Cormark Securities to “Market Perform” on Wednesday, November 2.
More news for CanWel Building Materials Group Ltd (TSE:CWX) were recently published by: Marketwired.com, which released: “CanWel Building Materials Group Ltd. Announces $60 Million Bought Deal Equity …” on August 15, 2016. Marketwired.com‘s article titled: “CanWel Building Materials Announces Quarterly Dividend” and published on June 15, 2016 is yet another important article.
CanWel Building Materials Group Ltd
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