The stock of KNEAT.COM INC (CVE:KSI) gapped down by $0.01 today and has $0.39 target or 14.00% below today’s $0.45 share price. The 8 months technical chart setup indicates high risk for the $10.36 million company. The gap down was reported on Nov, 3 by Barchart.com. If the $0.39 price target is reached, the company will be worth $1.45M 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 44,930 shares traded hands or 1825.02% up from the average. KNEAT.COM INC (CVE:KSI) has risen 6.00% since October 4, 2016 and is uptrending. It has outperformed by 4.79% the S&P500.
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