The stock of Redcentric PLC (LON:RCN) gapped down by GBX 75.25 today and has GBX 55.03 target or 13.00% below today’s GBX 63.25 share price. The 5 months technical chart setup indicates high risk for the GBX 93.50M company. The gap down was reported on Nov, 7 by Barchart.com. If the GBX 55.03 price target is reached, the company will be worth GBX 12.16M 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%. The stock decreased 57.83% or GBX 86.75 on November 7, hitting GBX 63.25. About 62.88 million shares traded hands or 14485.98% up from the average. Redcentric PLC (LON:RCN) has declined 66.09% since April 8, 2016 and is downtrending. It has underperformed by 68.04% the S&P500.
Redcentric PLC (LON:RCN) Ratings Coverage
Out of 5 analysts covering Redcentric PLC (LON:RCN), 3 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 60% are positive. Redcentric PLC has been the topic of 34 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Peel Hunt maintained it with “Buy” rating and GBX 230 target price in Thursday, September 29 report. The rating was maintained by Peel Hunt with “Buy” on Thursday, June 16. The stock of Redcentric PLC (LON:RCN) has “Corporate” rating given on Monday, September 26 by FinnCap. Peel Hunt maintained Redcentric PLC (LON:RCN) on Wednesday, June 1 with “Buy” rating. The company was maintained on Monday, September 26 by N+1 Singer. The firm earned “Corporate” rating on Wednesday, May 4 by FinnCap. The stock has “Buy” rating given by SP Angel on Wednesday, July 29. FinnCap maintained the shares of RCN in a report on Monday, November 9 with “Corporate” rating. Peel Hunt maintained it with “Buy” rating and GBX 230 target price in Thursday, April 28 report. The firm has “Corporate” rating given on Tuesday, September 1 by FinnCap.
Another recent and important Redcentric PLC (LON:RCN) news was published by Marketwatch.com which published an article titled: “Redcentric dives 70% on AIM on accounting scandal” on November 07, 2016.
Redcentric plc is a holding company
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