The stock of Centamin PLC (TSE:CEE) gapped down by $0.06 today and has $2.24 target or 7.00% below today’s $2.41 share price. The 5 months technical chart setup indicates high risk for the $2.95 billion company. The gap down was reported on Nov, 11 by Barchart.com. If the $2.24 price target is reached, the company will be worth $206.50 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 43,000 shares traded hands or 54.09% up from the average. Centamin PLC (TSE:CEE) has risen 38.38% since April 7, 2016 and is uptrending. It has outperformed by 32.23% the S&P500.
Another recent and important Centamin PLC (TSE:CEE) news was published by Marketwired.com which published an article titled: “Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016” on October 31, 2016.
Centamin plc is a mineral exploration, development and mining company. The company has a market cap of $2.95 billion. The Firm operates in Egypt, Ethiopia, the United Kingdom and Australia. It has a 0.33 P/E ratio. The Company’s segment is the business of exploration and mining of precious metals.
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