The stock of Pason Systems Inc. (TSE:PSI) gapped up by $0.53 today and has $22.08 target or 38.00% above today’s $16.00 share price. The 7 months technical chart setup indicates low risk for the $1.36B company. The gap was reported on Nov, 10 by Barchart.com. If the $22.08 price target is reached, the company will be worth $516.80M 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%. About 101,404 shares traded hands. Pason Systems Inc. (TSE:PSI) has declined 3.89% since April 6, 2016 and is downtrending. It has underperformed by 9.54% the S&P500.
More important recent Pason Systems Inc. (TSE:PSI) news were published by: Finance.Yahoo.com which released: “Pason Systems Inc. Announces Quarterly Dividend” on November 09, 2016, also Seekingalpha.com published article titled: “Pason Systems’ (PSYTF) CEO Marcel Kessler on Q2 2016 Results – Earnings Call …”, Seekingalpha.com published: “Pason Systems Is A Cash Cow (PSYTF)” on May 08, 2015. More interesting news about Pason Systems Inc. (TSE:PSI) was released by: Seekingalpha.com and their article: “Pason Systems – Fully Valued Entering A Tough Year (PSYTF)” with publication date: March 04, 2015.
Pason Systems Inc. is a provider of data management systems for drilling rigs. The company has a market cap of $1.36 billion. The Firm offers solutions, which include data acquisition, wellsite reporting, remote communications, and Web information management, enables collaboration between the rig and the office. It currently has negative earnings. It operates through three geographic divisions: Canada, the United States, and International .
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