The stock of Electrovaya Inc. (TSE:EFL) gapped up by $0.07 today and has $5.02 target or 76.00% above today’s $2.85 share price. The 6 months technical chart setup indicates low risk for the $236.20 million company. The gap was reported on Nov, 7 by Barchart.com. If the $5.02 price target is reached, the company will be worth $179.51M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 91,722 shares traded hands. Electrovaya Inc. (TSE:EFL) has risen 136.94% since April 1, 2016 and is uptrending. It has outperformed by 134.98% the S&P500.
More important recent Electrovaya Inc. (TSE:EFL) news were published by: Marketwatch.com which released: “Electrovaya Inc.” on April 15, 2011, also Business.Financialpost.com published article titled: “Podcast: Electrovaya Inc. CEO says products superior to Tesla, Panasonic, and BYD”, Bloomberg.com published: “Tiny Battery Company Electrovaya Is Taking on Tesla, Panasonic” on June 30, 2016. More interesting news about Electrovaya Inc. (TSE:EFL) was released by: Business.Financialpost.com and their article: “Canadian lithium-ion battery maker Electrovaya racks up orders, cranks up …” with publication date: July 07, 2016.
Electrovaya Inc. is a Canada-based company, which is engaged in developing, manufacturing and marketing of power technology products. The company has a market cap of $236.20 million. The Firm develops energy storage products, including electrodes, separators, cells, modules and advanced battery systems. It currently has negative earnings. The Firm develops Lithium Ion SuperPolymer batteries and battery-related products for the clean electric transportation, utility scale energy storage and smart grid power, consumer and healthcare markets.
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