The stock of Vedanta Ltd (ADR) (NYSE:VEDL) gapped up by $0.15 today and has $13.48 target or 30.00% above today’s $10.37 share price. The 7 months technical chart setup indicates low risk for the $7.38B company. The gap was reported on Oct, 1 by Barchart.com. If the $13.48 price target is reached, the company will be worth $2.21B 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 4.33% or $0.43 on September 30, hitting $10.37. About 145,735 shares traded hands. Vedanta Ltd (ADR) (NYSE:VEDL) has risen 146.32% since February 29, 2016 and is uptrending. It has outperformed by 135.89% the S&P500.
Analysts await Vedanta Ltd (ADR) (NYSE:VEDL) to report earnings on October, 25.
According to Zacks Investment Research, “Vedanta Limited is a natural resource company. The company’s business primarily involves exploring, extracting and processing minerals and oil & gas. Its segments include zinc, oil & gas, lead, silver, copper, iron ore, aluminium and commercial power. The company operates primarily in India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Vedanta Limited, formerly known as Sesa Sterlite Limited, is based in Panaji, India.”
More news for Vedanta Ltd (ADR) (NYSE:VEDL) were recently published by: Bidnessetc.com, which released: “Vedanta Ltd (ADR), Cairn India To Merge In All-Stock Deal” on June 15, 2015. Seekingalpha.com‘s article titled: “Vedanta: An Indian Natural Resources Company With 135% Upside” and published on July 21, 2016 is yet another important article.
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