Could Savaria Corporation See a Reversal After Having a Gap Down Now?

 Could Savaria Corporation See a Reversal After Having a Gap Down Now?

The stock of Savaria Corporation (TSE:SIS) gapped down by $0.1 today and has $9.52 target or 14.00% below today’s $11.07 share price. The 6 months technical chart setup indicates high risk for the $399.23 million company. The gap down was reported on Nov, 11 by Barchart.com. If the $9.52 price target is reached, the company will be worth $55.89M 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 158,112 shares traded hands or 118.40% up from the average. Savaria Corporation (TSE:SIS) has risen 78.14% since April 7, 2016 and is uptrending. It has outperformed by 72.00% the S&P500.

Savaria Corporation (TSE:SIS) Ratings Coverage

Out of 2 analysts covering Savaria Corp (TSE:SIS), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Savaria Corp has been the topic of 4 analyst reports since November 6, 2015 according to StockzIntelligence Inc. National Bank Canada maintained Savaria Corporation (TSE:SIS) rating on Friday, November 6. National Bank Canada has “Outperform” rating and $6.50 price target.

More notable recent Savaria Corporation (TSE:SIS) news were published by: Marketwired.com which released: “Bourassa Family Announces Secondary Offering of Common Shares of Savaria …” on November 10, 2016, also Marketwatch.com with their article: “Savaria President and CFO Exercise their Warrants” published on November 09, 2016, Seekingalpha.com published: “Savaria Corporation – Riding Strong Macroeconomic Tailwinds” on January 25, 2016. More interesting news about Savaria Corporation (TSE:SIS) were released by: Reuters.com and their article: “BRIEF-Bourassa family announces secondary offering of common shares of Sav…” published on November 10, 2016 as well as Marketwired.com‘s news article titled: “Savaria Corporation Added to S&P/TSX Small Cap Index” with publication date: September 14, 2016.

Savaria Corporation is a Canada-based company, which offers a range of stairlifts, platform lifts, and residential and commercial elevators. The company has a market cap of $399.23 million. The Firm operates through two divisions: Accessibility and Adapted Vehicles. It has a 33.3 P/E ratio. The Accessibility segment designs, makes, distributes and installs accessibility products, such as stairlifts for both straight and curved stairs, vertical and inclined platform lifts and elevators for home and commercial use.

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