The stock of Korvest Limited (ASX:KOV) gapped up by $0.06 today and has $3.21 target or 42.00% above today’s $2.26 share price. The 5 months technical chart setup indicates low risk for the $24.85M company. The gap was reported on Nov, 9 by Barchart.com. If the $3.21 price target is reached, the company will be worth $10.44 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 increased 3.20% or $0.07 on November 9, hitting $2.26. About 11,312 shares traded hands or 36.60% up from the average. Korvest Limited (ASX:KOV) has risen 5.61% since April 13, 2016 and is uptrending. It has outperformed by 0.83% the S&P500.
Another recent and important Korvest Limited (ASX:KOV) news was published by Fool.com.Au which published an article titled: “Hills Holdings moves away from the clothesline” on September 08, 2013.
Korvest Ltd is engaged in hot dip galvanizing; sheet metal fabrication; manufacture of cable and pipe support systems and fittings; design and assembly of access systems for mobile equipment, and sale, repair and rental of high torque tools. The company has a market cap of $24.85 million. The Firm operates through two divisions: Industrial Products and Production. It has a 24.72 P/E ratio. The Industrial Products segment includes the manufacture of electrical and cable support systems, steel fabrication and access systems.
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