Could PharmaCan Capital Corp Recover After Today’s Gap Up?

 Could PharmaCan Capital Corp Recover After Today's Gap Up?

The stock of PharmaCan Capital Corp (CVE:MJN) gapped up by $0.04 today and has $3.19 target or 180.00% above today’s $1.14 share price. The 7 months technical chart setup indicates low risk for the $135.17M company. The gap was reported on Nov, 7 by Barchart.com. If the $3.19 price target is reached, the company will be worth $243.31M 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 331,075 shares traded hands. PharmaCan Capital Corp (CVE:MJN) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% 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. Announces Approval of Increased Production Expansion …” published on April 01, 2015 as well as Marketwired.com‘s news article titled: “PharmaCan Capital Corp. to Open Toronto Stock Exchange” with publication date: January 13, 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 $135.17 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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