The stock of Sinopec Shanghai Petrochemical Co. (ADR) (NYSE:SHI) gapped up by $2.05 today and has $60.65 target or 33.00% above today’s $45.60 share price. The 8 months technical chart setup indicates low risk for the $8.81 billion company. The gap was reported on Mar, 2 by Barchart.com. If the $60.65 price target is reached, the company will be worth $2.91 billion 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 6.52% or $2.79 on March 1, hitting $45.6. About 16,363 shares traded hands or 87.39% up from the average. Sinopec Shanghai Petrochemical Co. (ADR) (NYSE:SHI) has declined 2.48% since July 24, 2015 and is downtrending. It has outperformed by 4.61% the S&P500.
Analysts await Sinopec Shanghai Petrochemical Co. (ADR) (NYSE:SHI) to reports earnings on March, 18.
According to Zacks Investment Research, “Shanghai Petrochemical Company Ltd. is a China’s largest petrochemical company. The Company processes crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products.”
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