Banco Bradesco S.A.’s Trend Up, Especially After Today’s Gap Up

The stock of Banco Bradesco S.A. (NYSE:BBDO) gapped up by $0.17 today and has $11.72 target or 24.00% above today’s $9.45 share price. The 5 months technical chart setup indicates low risk for the $23.86 billion company. The gap was reported on Apr, 15 by Barchart.com. If the $11.72 price target is reached, the company will be worth $5.73B 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 1.85% or $0.17 on April 14, hitting $9.45. Banco Bradesco S.A. (NYSE:BBDO) has risen 43.18% since September 9, 2015 and is uptrending. It has outperformed by 35.93% the S&P500.

Analysts await Banco Bradesco S.A. (NYSE:BBDO) to reports earnings on May, 4.

According to Zacks Investment Research, “Banco Bradesco S.A. offers a range of banking and financial products and services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage and Internet banking services. Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands and the United Kingdom. It also offers credit cards, insurance, and pension funds. Banco Bradesco S.A. is headquartered in Osasco, Brazil.”

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