The stock of PharmaCan Capital Corp (CVE:MJN) gapped down by $0.02 today and has $0.89 target or 14.00% below today’s $1.04 share price. The 6 months technical chart setup indicates high risk for the $123.31M company. The gap down was reported on Nov, 4 by Barchart.com. If the $0.89 price target is reached, the company will be worth $17.26 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 553,823 shares traded hands. PharmaCan Capital Corp (CVE:MJN) has risen 6.00% since October 5, 2016 and is uptrending. It has outperformed by 4.91% the S&P500.
More notable recent PharmaCan Capital Corp (CVE:MJN) news were published by: Marketwatch.com which released: “Moshe Azogui Announces Increase in Equity Interest in PharmaCan Capital Corp.” on June 08, 2016, also Midasletter.com with their article: “PharmaCan Capital Corp (TSX.V:MJN) CEO Paul Rosen Interview and Podcast” published on February 20, 2015, Marketwired.com published: “PharmaCan Acquires Peace Naturals Project Inc.” on September 06, 2016. More interesting news about PharmaCan Capital Corp (CVE:MJN) were released by: Marketwired.com and their article: “PharmaCan Capital Corp. to Open Toronto Stock Exchange” published on January 13, 2015 as well as Marketwired.com‘s news article titled: “PharmaCan Capital Corp. Announces Mortgage Financing Relating to In The Zone …” with publication date: February 05, 2015.
PharmaCan Capital Corp., formerly Searchtech Ventures Inc., is a merchant bank, which is focused on investing in Canada’s medical marijuana industry. The company has a market cap of $123.31 million. The Firm is engaged in the business of investing in companies either licensed or seeking a license to produce medical marijuana. It currently has negative earnings. The Firm operates through two divisions: Investing Segment and Operating Segment.
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