Is Selling Stock Like Intertape Polymer Group After Such Gap Down a Winning Strategy?

 Is Selling Stock Like Intertape Polymer Group After Such Gap Down a Winning Strategy?

The stock of Intertape Polymer Group (TSE:ITP) gapped down by $0.35 today and has $20.94 target or 8.00% below today’s $22.76 share price. The 7 months technical chart setup indicates high risk for the $1.32 billion company. The gap down was reported on Nov, 11 by Barchart.com. If the $20.94 price target is reached, the company will be worth $105.60 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 142,051 shares traded hands or 6.70% up from the average. Intertape Polymer Group (TSE:ITP) has risen 22.01% since April 7, 2016 and is uptrending. It has outperformed by 15.86% the S&P500.

Intertape Polymer Group (TSE:ITP) Ratings Coverage

Out of 3 analysts covering Intertape Polymer Group (TSE:ITP), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Intertape Polymer Group has been the topic of 10 analyst reports since August 14, 2015 according to StockzIntelligence Inc. TD Securities downgraded the shares of ITP in a report on Friday, August 14 to “Buy” rating. Scotia Capital maintained it with “Focus Stock” rating and $26 target price in Wednesday, November 2 report. The firm earned “Outperform” rating on Wednesday, November 18 by RBC Capital Markets. The stock of Intertape Polymer Group (TSE:ITP) earned “Sector Outperform” rating by Scotia Capital on Friday, August 14.

More recent Intertape Polymer Group (TSE:ITP) news were published by: Bloomberg.com which released: “Intertape Polymer Group Targeted by FrontFour, Zelman Capital” on November 10, 2015. Also Reuters.com published the news titled: “BRIEF-Intertape Polymer Group agrees to buy majority ownership of Powerban…” on September 02, 2016. Seekingalpha.com‘s news article titled: “Intertape Polymer Group Is Poised For Growth” with publication date: May 24, 2016 was also an interesting one.

Intertape Polymer Group Inc. operates in the specialty packaging industry in North America. The company has a market cap of $1.32 billion. The Firm develops, makes and sells a range of paper and film pressure sensitive and water activated tapes, polyethylene and specialized polyolefin packaging films, woven coated fabrics and complementary packaging systems for industrial and retail use. It has a 18.23 P/E ratio. The Company’s products consist of carton sealing tapes, including pressure sensitive and water-activated tapes; industrial and performance specialty tapes, including masking, duct, electrical and reinforced filament tapes; shrink film; stretch wrap; lumberwrap, structure fabrics and geomembrane fabrics, and non-manufactured flexible intermediate bulk containers.

ITP.TO Company Profile

Intertape Polymer Group Inc., incorporated on August 31, 1993, operates in the specialty packaging industry in North America. The Firm develops, makes and sells a range of paper and film pressure sensitive and water activated tapes, polyethylene and specialized polyolefin packaging films, woven coated fabrics and complementary packaging systems for industrial and retail use. It operates in the United States, Canada and other countries.

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