The stock of Scisys Plc (LON:SSY) gapped up by GBX 1.35 today and has GBX 119.26 target or 34.00% above today’s GBX 89.00 share price. The 5 months technical chart setup indicates low risk for the GBX 25.81M company. The gap was reported on Nov, 10 by Barchart.com. If the GBX 119.26 price target is reached, the company will be worth GBX 8.78M 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 2.30% or GBX 2 on November 10, hitting GBX 89. About 12,053 shares traded hands. Scisys Plc (LON:SSY) has risen 30.94% since April 14, 2016 and is uptrending. It has outperformed by 25.29% the S&P500.
SCISYS PLC is a United Kingdom-based company, which is engaged in developing information technology services. The company has a market cap of 25.81 million GBP. The Firm develops application solutions and products, and provides supporting services. It has a 11.03 P/E ratio. The Firm provides IT services to firms and public sector organizations through four divisions: Space; Enterprise Solutions & Defence (ESD); Media & Broadcast (M&B), and Xibis Ltd.
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