Some Traders Are Very Bearish on PMI Resources Ltd After Today’s Gap Down

 Some Traders Are Very Bearish on PMI Resources Ltd After Today's Gap Down

The stock of PMI Resources Ltd (CVE:PMI) gapped down by $0.01 today and has $0.46 target or 10.00% below today’s $0.51 share price. The 5 months technical chart setup indicates high risk for the $5.06 million company. The gap down was reported on Nov, 3 by Barchart.com. If the $0.46 price target is reached, the company will be worth $506,000 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 23,271 shares traded hands or 80.24% up from the average. PMI Resources Ltd (CVE:PMI) has risen 6.00% since October 4, 2016 and is uptrending. It has outperformed by 4.79% the S&P500.

More important recent PMI Resources Ltd (CVE:PMI) news were published by: Fool.ca which released: “Don’t Buy Teck Resources Ltd. Unless These 2 Things Happen” on November 26, 2015, also Businesswire.com published article titled: “CORRECTING and REPLACING GRAPHIC PMI Stakes Position Advocating Restoration of …”, Bloomberg.com published: “U.S. Jobs, Abe Abroad, Fed Presidents, Tesla: Week Ahead May 2-7” on May 01, 2016. More interesting news about PMI Resources Ltd (CVE:PMI) was released by: Bloomberg.com and their article: “China Stocks Post Biggest Weekly Gain in a Month After PMI Data” with publication date: July 01, 2016.

PMI Resources Ltd, formerly Petromanas Energy Inc, is an exploration-stage company. The company has a market cap of $5.06 million. The Firm is engaged in the acquisition, exploration and evaluation of gas and oil properties in France, including two exploration licenses totaling approximately 169,790 net acres located in the gas producing Acquitaine Basin. It currently has negative earnings. The Firm operates through the exploration, development and production of hydrocarbons and the sale of hydrocarbons and related activities segment.

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