Time to Sell Kennady Diamonds Inc After Today’s Gap Down?

 Time to Sell Kennady Diamonds Inc After Today's Gap Down?

The stock of Kennady Diamonds Inc (CVE:KDI) gapped down by $0.01 today and has $3.53 target or 14.00% below today’s $4.10 share price. The 7 months technical chart setup indicates high risk for the $192.54 million company. The gap down was reported on Oct, 28 by Barchart.com. If the $3.53 price target is reached, the company will be worth $26.96 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 6,000 shares traded hands. Kennady Diamonds Inc (CVE:KDI) has risen 6.00% since September 28, 2016 and is uptrending. It has outperformed by 1.29% the S&P500.

More important recent Kennady Diamonds Inc (CVE:KDI) news were published by: Seekingalpha.com which released: “Kennady Diamonds Sample Results Lift Investor Confidence (KDIAF)” on December 27, 2014, also Seekingalpha.com published article titled: “Kennady Diamonds Share Price Creeps Higher”, Juniorminingnetwork.com published: “Kennady Diamonds Completes Summer Drill Program at Kennady North” on October 19, 2016. More interesting news about Kennady Diamonds Inc (CVE:KDI) was released by: Juniorminingnetwork.com and their article: “Kennady Diamonds Provides Update on North Summer Drilling Program” with publication date: August 11, 2016.

Kennady Diamonds Inc. is a Canada diamond exploration company. The company has a market cap of $192.54 million. The Firm is a resource company, which is involved in the exploration, discovery, evaluation and development of diamond properties in Canada’s Northwest Territories. It currently has negative earnings. Kennady Diamonds holds interest in over 20 federal leases and approximately 60 claims in the Kennady North diamond project.

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