Witan Pacific Investment Trust Plc Draws Bullish Attention After Its Gap Up Today

 Witan Pacific Investment Trust Plc Draws Bullish Attention After Its Gap Up Today

The stock of Witan Pacific Investment Trust Plc (LON:WPC) gapped up by GBX 2.64 today and has GBX 437.90 target or 51.00% above today’s GBX 290.00 share price. The 8 months technical chart setup indicates low risk for the GBX 189.79M company. The gap was reported on Nov, 8 by Barchart.com. If the GBX 437.90 price target is reached, the company will be worth GBX 96.79 million 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%. The stock decreased 2.19% or GBX 6.5 on November 8, hitting GBX 290. About 9,094 shares traded hands. Witan Pacific Investment Trust Plc (LON:WPC) has risen 8.02% since April 11, 2016 and is uptrending. It has outperformed by 6.06% the S&P500.

Witan Pacific Investment Trust PLC is a self-managed investment trust. The company has a market cap of 189.79 million GBP. The Company’s investment objective is to provide shareholders with capital and income growth from a diversified portfolio of investments in the Asia Pacific region designed to outperform the MSCI AC Asia Pacific Free Index in Sterling terms. It has a 6.74 P/E ratio. The Firm invests primarily in equities, in normal circumstances the Board expects the minimum equity level to be approximately 90% of net assets.

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