The stock of Centamin PLC (TSE:CEE) gapped down by $0.01 today and has $2.37 target or 8.00% below today’s $2.58 share price. The 5 months technical chart setup indicates high risk for the $3.06B company. The gap down was reported on Nov, 10 by Barchart.com. If the $2.37 price target is reached, the company will be worth $244.80 million 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 89,630 shares traded hands or 256.92% up from the average. Centamin PLC (TSE:CEE) has risen 57.40% since April 6, 2016 and is uptrending. It has outperformed by 51.75% the S&P500.
More news for Centamin PLC (TSE:CEE) were recently published by: Marketwired.com, which released: “Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016” on October 31, 2016. Fool.Co.Uk‘s article titled: “Can 2016 winners Centamin plc (+145%), Anglo American plc (+149%) and Lonmin …” and published on July 08, 2016 is yet another important article.
Centamin plc is a mineral exploration, development and mining company. The company has a market cap of $3.06 billion. The Firm operates in Egypt, Ethiopia, the United Kingdom and Australia. It has a 0.36 P/E ratio. The Company’s segment is the business of exploration and mining of precious metals.
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