The stock of Firm Capital Mortgage Investment Corp (TSE:FC) gapped down by $0.01 today and has $12.18 target or 11.00% below today’s $13.69 share price. The 7 months technical chart setup indicates high risk for the $305.91 million company. The gap down was reported on Nov, 4 by Barchart.com. If the $12.18 price target is reached, the company will be worth $33.65 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 21,013 shares traded hands. Firm Capital Mortgage Investment Corp (TSE:FC) has risen 6.27% since March 31, 2016 and is uptrending. It has outperformed by 5.18% the S&P500.
Another recent and important Firm Capital Mortgage Investment Corp (TSE:FC) news was published by Marketwired.com which published an article titled: “Firm Capital Mortgage Investment Corporation Announces $22 Million Bought Deal …” on March 30, 2016.
Firm Capital Mortgage Investment Corporation is a Canada mortgage investment company. The company has a market cap of $305.91 million. The Firm is a non-bank lender that finances a range of properties, which include residential houses, small multi-family residential properties consisting of approximately six units, residential apartment buildings, mixed-use residential apartments and store-front properties, investment properties, land and development sites, and development and construction projects. It has a 12.95 P/E ratio. It also invests in all forms of short-term bridge financing for residential and commercial real estate for owners and developers.
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