The stock of Covalon Technologies Ltd (CVE:COV) gapped down by $0.06 today and has $1.50 target or 12.00% below today’s $1.70 share price. The 5 months technical chart setup indicates high risk for the $31.52 million company. The gap down was reported on Nov, 3 by Barchart.com. If the $1.50 price target is reached, the company will be worth $3.78M 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 8,000 shares traded hands or 50.72% up from the average. Covalon Technologies Ltd (CVE:COV) has risen 6.00% since October 4, 2016 and is uptrending. It has outperformed by 4.79% the S&P500.
More notable recent Covalon Technologies Ltd (CVE:COV) news were published by: Businesswire.com which released: “The Goldfarb Corporation Acquires Additional Shares of Covalon Technologies Ltd.” on August 29, 2016, also Businesswire.com with their article: “Covalon to Exhibit at the World Union of Wound Healing Societies in Florence …” published on September 26, 2016, Prnewswire.com published: “Covalon to Present SurgiClearâ„¢ at AORN Surgical Conference and Expo” on April 01, 2016. More interesting news about Covalon Technologies Ltd (CVE:COV) were released by: Prnewswire.com and their article: “Biomaterials Market is Expected to Reach $139 Billion by 2022, Globally …” published on October 04, 2016 as well as Globenewswire.com‘s news article titled: “Medical Device Coatings Market Poised to Surge from USD 8.1 Billion in 2015 to …” with publication date: September 01, 2016.
Covalon Technologies Ltd. is a researcher, developer, maker and marketer of medical products intended for wound care, infection management and surgical procedures. The company has a market cap of $31.52 million. The Company’s wound care dressing products include ColActive Plus, ColActive Transfer, CovaWound Silicone, CovaWound Silicone Sacrum, CovaWound Foam, CovaWound Alginate, CovaWound Super Absorbent and CovaWound Hydrocolloid. It currently has negative earnings. The Company’s surgical and peri-operative products include SurgiClear, MediClear Post-Op Absorb and MediClear Scar.
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