The stock of Cortex Business Solutions Inc (CVE:CBX) gapped down by $0.05 today and has $2.38 target or 13.00% below today’s $2.74 share price. The 9 months technical chart setup indicates high risk for the $23.85M company. The gap down was reported on Oct, 28 by Barchart.com. If the $2.38 price target is reached, the company will be worth $3.10M 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 5,000 shares traded hands or 0.14% up from the average. Cortex Business Solutions Inc (CVE:CBX) has risen 6.00% since September 28, 2016 and is uptrending. It has outperformed by 1.29% the S&P500.
More important recent Cortex Business Solutions Inc (CVE:CBX) news were published by: Globenewswire.com which released: “Cortex Business Solutions Brings New Brand to Market with Launch of Newly …” on October 13, 2016, also Globenewswire.com published article titled: “Cortex Business Solutions Extends Partnership with OFS Portal to Promote …”, Marketwired.com published: “Cortex Business Solutions Reports Fiscal 2015 Financial Results” on October 23, 2015. More interesting news about Cortex Business Solutions Inc (CVE:CBX) was released by: Business.Financialpost.com and their article: “Podcast: Joel Leetzow, CEO of Cortex Business Solutions on competing with SAP” with publication date: May 18, 2016.
Cortex Business Solutions Inc. is a Canada company, which is engaged in the business of e-commerce services and products that streamlines procurement and supply chain processes for its clients in both Canada and the United States. The company has a market cap of $23.85 million. The Firm offers an online network that helps companies connect and interact with each other to transmit documents to manage their businesses through the augmented exchange of documents. It currently has negative earnings. The Cortex Network provides a document exchange process for industries with complicated procurement practices.
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