Some Traders Are Very Bullish on Randgold Resources Limited After Today’s Gap Up

 Some Traders Are Very Bullish on Randgold Resources Limited After Today's Gap Up

The stock of Randgold Resources Limited (LON:RRS) gapped up by GBX 5 today and has GBX 6036.10 target or 4.00% above today’s GBX 5803.94 share price. The 5 months technical chart setup indicates low risk for the GBX 5.43 billion company. The gap was reported on Nov, 29 by Barchart.com. If the GBX 6036.10 price target is reached, the company will be worth GBX 217.20 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 decreased 2.70% or GBX 161.06 on November 29, hitting GBX 5803.94. About 697,828 shares traded hands. Randgold Resources Limited (LON:RRS) has declined 13.66% since May 2, 2016 and is downtrending. It has underperformed by 18.92% the S&P500.

Randgold Resources Limited (LON:RRS) Ratings Coverage

Out of 22 analysts covering Randgold Resources Ltd (LON:RRS), 14 rate it a “Buy”, 3 “Sell”, while 5 “Hold”. This means 64% are positive. Randgold Resources Ltd has been the topic of 163 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock of Randgold Resources Limited (LON:RRS) has “Hold” rating given on Thursday, May 5 by Deutsche Bank. As per Wednesday, September 7, the company rating was maintained by Deutsche Bank. Barclays Capital maintained the stock with “Overweight” rating in Tuesday, January 12 report. The stock has “Buy” rating given by Numis Securities on Friday, November 4. The firm has “Buy” rating given on Friday, November 4 by UBS. The rating was maintained by Nomura with “Reduce” on Friday, November 13. The stock of Randgold Resources Limited (LON:RRS) earned “Neutral” rating by Goldman Sachs on Thursday, March 24. As per Wednesday, August 5, the company rating was maintained by Numis Securities. The firm earned “Buy” rating on Friday, September 9 by UBS. The firm has “Hold” rating by Numis Securities given on Tuesday, July 19.

Another recent and important Randgold Resources Limited (LON:RRS) news was published by Nasdaq.com which published an article titled: “Randgold Resources Limited (Nasdaq: GOLD) to Ring The Nasdaq Stock Market …” on November 18, 2016.

Randgold Resources Limited is engaged in the gold mining, exploration and related activities. The company has a market cap of 5.43 billion GBP. The Company’s activities are focused on West and Central Africa. It has a 31.99 P/E ratio. The Firm operates through the gold mining segment.

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