The stock of Hardwoods Distribution Inc (TSE:HWD) gapped down by $0.25 today and has $15.83 target or 14.00% below today’s $18.41 share price. The 7 months technical chart setup indicates high risk for the $393.34 million company. The gap down was reported on Nov, 9 by Barchart.com. If the $15.83 price target is reached, the company will be worth $55.07M 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 20,350 shares traded hands. Hardwoods Distribution Inc (TSE:HWD) has risen 5.72% since April 5, 2016 and is uptrending. It has outperformed by 0.94% the S&P500.
More recent Hardwoods Distribution Inc (TSE:HWD) news were published by: Themiddlemarket.com which released: “Hardwoods Distribution Buys Rugby Architectural, As Building Products Percolate” on July 18, 2016. Also Seekingalpha.com published the news titled: “Hardwoods Distribution: A Great Company At A Great Price” on February 18, 2016. Reuters.com‘s news article titled: “BRIEF-Hardwoods Distribution says closing conditions satisfied for Rugby A…” with publication date: July 15, 2016 was also an interesting one.
Hardwoods Distribution Inc. is a Canada firm engaged in the wholesale distribution of hardwood lumber and related sheet good and specialty products. The company has a market cap of $393.34 million. The Firm operates through its Canada and United States divisions. It has a 15.2 P/E ratio. The Company, through its subsidiaries, is engaged in operating a network of over 30 distribution centers in Canada and the United States.
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