Great Canadian Gaming Corp Gaps Down; Strong Momentum for Sellers

 Great Canadian Gaming Corp Gaps Down; Strong Momentum for Sellers

The stock of Great Canadian Gaming Corp (TSE:GC) gapped down by $0.96 today and has $22.08 target or 6.00% below today’s $23.49 share price. The 6 months technical chart setup indicates high risk for the $1.44B company. The gap down was reported on Nov, 17 by Barchart.com. If the $22.08 price target is reached, the company will be worth $86.40M 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 2.60M shares traded hands or 3172.75% up from the average. Great Canadian Gaming Corp (TSE:GC) has risen 47.92% since April 13, 2016 and is uptrending. It has outperformed by 43.30% the S&P500.

Great Canadian Gaming Corp (TSE:GC) Ratings Coverage

Out of 6 analysts covering Great Canadian Gaming Corporation (TSE:GC), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. $30 is the highest target while $21 is the lowest. The $25.80 average target is 9.83% above today’s ($23.49) stock price. Great Canadian Gaming Corporation has been the topic of 17 analyst reports since August 13, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Great Canadian Gaming Corp (TSE:GC) on Thursday, August 13 with “Outperform” rating. The firm earned “Buy” rating on Wednesday, November 9 by Cormark Securities.

Great Canadian Gaming Corporation operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia and Washington State. The company has a market cap of $1.44 billion. The Firm has approximately 20 gaming properties, consisting of over three community gaming centers, four racetracks and 10 casinos, including over two with a Four Diamond resort hotel. It has a 19.21 P/E ratio. In British Columbia, it operates over four casinos; one thoroughbred racetrack; a standardbred racetrack; three community gaming centers; a resort with over two hotels, a conference center and a marina; over two multi-purpose show theatres, and a range of restaurants.

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