The stock of Chesswood Group Ltd (TSE:CHW) gapped down by $0.06 today and has $9.90 target or 13.00% below today’s $11.38 share price. The 6 months technical chart setup indicates high risk for the $183.49M company. The gap down was reported on Oct, 28 by Barchart.com. If the $9.90 price target is reached, the company will be worth $23.85 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 35,845 shares traded hands or 137.15% up from the average. Chesswood Group Ltd (TSE:CHW) has risen 11.32% since March 23, 2016 and is uptrending. It has outperformed by 6.60% the S&P500.
More notable recent Chesswood Group Ltd (TSE:CHW) news were published by: Marketwired.com which released: “Chesswood Group Limited Announces August 2016 Dividend” on August 22, 2016, also Marketwired.com with their article: “Chesswood Group Limited Announces September 2016 Dividend” published on September 21, 2016, Marketwired.com published: “Chesswood Group Limited Announces October 2016 Dividend” on October 20, 2016. More interesting news about Chesswood Group Ltd (TSE:CHW) were released by: Marketwired.com and their article: “Chesswood Group Limited Announces $20 Million Bought Deal Financing” published on December 04, 2013 as well as Stockhouse.com‘s news article titled: “Chesswood Group Limited Announces July 2016 Dividend” with publication date: July 20, 2016.
Chesswood Group Limited is engaged in financial services businesses. The company has a market cap of $183.49 million. The Firm operates through two divisions: Equipment Financing-U.S. and Equipment Financing-Canada. It has a 20.3 P/E ratio. The Equipment Financing-U.S. segment is involved in small-ticket equipment leasing and lending to small businesses.
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