It Seems Comet Industries Ltd Will Go Down. Have Big Gap Down Today

 It Seems Comet Industries Ltd Will Go Down. Have Big Gap Down Today

The stock of Comet Industries Ltd (CVE:CMU) gapped down by $0.3 today and has $2.24 target or 14.00% below today’s $2.60 share price. The 7 months technical chart setup indicates high risk for the $13.74M 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 $1.92M 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 4,000 shares traded hands or 669.23% up from the average. Comet Industries Ltd (CVE:CMU) has risen 6.00% since October 12, 2016 and is uptrending. It has underperformed by 0.15% the S&P500.

More news for Comet Industries Ltd (CVE:CMU) were recently published by: Bloomberg.com, which released: “Family Business: Saving the Remains of Britain’s Steel Industry” on June 01, 2016. Businesswire.com‘s article titled: “Supervisory Board Appoints Dr. Franz Richter as new President and Chief …” and published on August 30, 2016 is yet another important article.

Comet Industries Ltd. is an exploration-stage company. The company has a market cap of $13.74 million. The Firm is engaged in the business of acquiring, holding mineral properties, and holding and managing real properties, all in British Columbia. It has a 83.87 P/E ratio. The Company’s divisions include rental, exploration and general/administration.

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