The stock of Electrovaya Inc. (TSE:EFL) gapped down by $0.1 today and has $1.98 target or 11.00% below today’s $2.23 share price. The 6 months technical chart setup indicates high risk for the $179.27 million company. The gap down was reported on Nov, 9 by Barchart.com. If the $1.98 price target is reached, the company will be worth $19.72M 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 725,215 shares traded hands or 233.24% up from the average. Electrovaya Inc. (TSE:EFL) has risen 128.07% since April 5, 2016 and is uptrending. It has outperformed by 123.29% the S&P500.
More notable recent Electrovaya Inc. (TSE:EFL) news were published by: Marketwatch.com which released: “Electrovaya Inc.” on April 15, 2011, also Business.Financialpost.com with their article: “Podcast: Electrovaya Inc. CEO says products superior to Tesla, Panasonic, and BYD” published on March 28, 2016, Bloomberg.com published: “Tiny Battery Company Electrovaya Is Taking on Tesla, Panasonic” on June 30, 2016. More interesting news about Electrovaya Inc. (TSE:EFL) were released by: Business.Financialpost.com and their article: “Canadian lithium-ion battery maker Electrovaya racks up orders, cranks up …” published on July 07, 2016 as well as Marketwired.com‘s news article titled: “Electrovaya Provides Business Update” with publication date: November 08, 2016.
Electrovaya Inc. is a Canada-based company, which is engaged in developing, manufacturing and marketing of power technology products. The company has a market cap of $179.27 million. The Firm develops energy storage products, including electrodes, separators, cells, modules and advanced battery systems. It currently has negative earnings. The Firm develops Lithium Ion SuperPolymer batteries and battery-related products for the clean electric transportation, utility scale energy storage and smart grid power, consumer and healthcare markets.
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