The stock of Tree Island Steel Ltd. (TSE:TSL) gapped up by $0.1 today and has $5.26 target or 4.00% above today’s $5.06 share price. The 8 months technical chart setup indicates low risk for the $171.84 million company. The gap was reported on Nov, 29 by Barchart.com. If the $5.26 price target is reached, the company will be worth $6.87 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 64,224 shares traded hands. Tree Island Steel Ltd. (TSE:TSL) has risen 57.65% since April 25, 2016 and is uptrending. It has outperformed by 52.39% the S&P500.
More important recent Tree Island Steel Ltd. (TSE:TSL) news were published by: Marketwired.com which released: “Tree Island Steel Ltd. to Acquire Assets of Irving Wire Products Corporation” on November 10, 2015, also Marketwired.com published article titled: “Tree Island Steel Executive Announcement”, Marketwired.com published: “Tree Island Steel Announces Full Year 2014 Results” on February 19, 2015. More interesting news about Tree Island Steel Ltd. (TSE:TSL) was released by: Stockhouse.com and their article: “Tree Island Steel Announces Third Quarter 2016 Results” with publication date: November 03, 2016.
Tree Island Steel Ltd. is a Canada-based maker and supplier of wire products for a range of applications. The company has a market cap of $171.84 million. The Firm is engaged in making products from steel wire for a range of clients for industrial, construction, agricultural and specialty applications. It has a 7.95 P/E ratio. The Company’s products include galvanized wire, bright wire, an array of fasteners, including packaged, collated and bulk nails, stucco reinforcing products, concrete reinforcing mesh, fencing, and other fabricated wire products.
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