The stock of Pinetree Capital Ltd (TSE:PNP) gapped down by $0.18 today and has $2.51 target or 12.00% below today’s $2.85 share price. The 5 months technical chart setup indicates high risk for the $12.36M company. The gap down was reported on Nov, 8 by Barchart.com. If the $2.51 price target is reached, the company will be worth $1.48M 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 20,230 shares traded hands or 442.65% up from the average. Pinetree Capital Ltd (TSE:PNP) has risen 11.67% since April 1, 2016 and is uptrending. It has outperformed by 9.71% the S&P500.
More notable recent Pinetree Capital Ltd (TSE:PNP) news were published by: Marketwatch.com which released: “Pinetree Capital Ltd. Provides Update of Its Beneficial Ownership of Common …” on August 26, 2016, also Marketwatch.com with their article: “Pinetree Capital Ltd. Announces Completion of Share Consolidation” published on July 20, 2016, Midasletter.com published: “Pinetree Capital Ltd. CEO Sheldon Inwentash is Out in Default-induced Board …” on January 26, 2015. More interesting news about Pinetree Capital Ltd (TSE:PNP) were released by: Marketwired.com and their article: “Pinetree Capital Ltd. Announces Effective Date of Share Consolidation and …” published on July 14, 2016 as well as Gurufocus.com‘s news article titled: “Pinetree Capital Ltd. Announces Election of Directors” with publication date: September 30, 2016.
Pinetree Capital Ltd. is an investment and merchant banking firm focused on the small-cap market, with early-stage investments in resource, biotechnology and technology companies. The company has a market cap of $12.36 million. The Company’s investment portfolio includes equities, warrants, and promissory notes and convertible debentures. It currently has negative earnings. The Company’s geographical segment is Canada.
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