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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