The stock of Prudential Public Limited Company (ADR) (PUK) gapped up by $0.32 today and has $79.05 target or 64.00% above today’s $48.20 share price. The 8 months technical chart setup indicates low risk for the $61.38B company. The gap was reported on Nov, 4 by Barchart.com. If the $79.05 price target is reached, the company will be worth $39.28B 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 is up 0.96% or $0.46 after the news, hitting $48.2 per share. About 195,429 shares traded hands. Prudential Public Limited Company (ADR) (NYSE:PUK) has declined 4.58% since April 1, 2015 and is downtrending. It has underperformed by 7.01% the S&P500.
According to Zacks, “PRUDENTIAL PLC provides retail financial products and services and fund management to many millions of customers worldwide. Their commitment to the shareholders who own Prudential is to maximise the value over time of their investment. They do this by investing for the long term to develop and bring out the best in their people and their businesses to produce superior products and services, and hence superior financial returns. Their aim is to deliver top quartile performance among their international peer group in terms of total shareholder returns.”
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