The stock of Comet Industries Ltd (CVE:CMU) gapped up by $0.1 today and has $7.84 target or 185.00% above today’s $2.75 share price. The 9 months technical chart setup indicates low risk for the $12.13 million company. The gap was reported on Sep, 14 by Barchart.com. If the $7.84 price target is reached, the company will be worth $22.44 million 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 3.77% or $0.1 on September 13, hitting $2.75. About 25,500 shares traded hands or 10659.49% up from the average. Comet Industries Ltd (CVE:CMU) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.
Comet Industries Ltd. is an exploration-stage company. The company has a market cap of $12.13 million. The Firm is engaged in the business of acquiring, holding mineral properties, and holding and managing real properties, all in British Columbia. It has a 68.75 P/E ratio. The Company’s divisions include rental, exploration and general/administration.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.