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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