The stock of North Midland Construction plc (LON:NMD) gapped up by GBX 0.52 today and has GBX 192.60 target or 7.00% above today’s GBX 180.00 share price. The 8 months technical chart setup indicates low risk for the GBX 18.13M company. The gap was reported on Nov, 29 by Barchart.com. If the GBX 192.60 price target is reached, the company will be worth GBX 1.27M 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 3.15% or GBX 5.5 on November 29, hitting GBX 180. About 16,260 shares traded hands or 283.85% up from the average. North Midland Construction plc (LON:NMD) has risen 27.05% since May 2, 2016 and is uptrending. It has outperformed by 21.79% the S&P500.
North Midland Construction PLC is a United Kingdom building, civil engineering, highways and utilities company. The company has a market cap of 18.13 million GBP. The Company’s operating divisions include PLC, which consists of building, civil engineering, highways, utilities and NMCNomenca divisions, and Nomenca, which consists of mechanical and electrical engineering services and products. It has a 11.48 P/E ratio. The Company’s building division focuses in the construction of new build and refurbishment projects across the Midlands region.
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