The stock of KONAMI HOLDINGS CORPORATION JPY50 (LON:KNM) gapped down by GBX 87.38 today and has GBX 3689.51 target or 12.00% below today’s GBX 4192.62 share price. The 5 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 14 by Barchart.com. If the GBX 3689.51 price target is reached, the company will be worth GBX 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%. The stock decreased 2.39% or GBX 102.48 on November 14, hitting GBX 4192.62. About 11,900 shares traded hands or 1980.42% up from the average. KONAMI HOLDINGS CORPORATION JPY50 (LON:KNM) has risen 12.70% since April 18, 2016 and is uptrending. It has outperformed by 7.72% the S&P500.
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