The stock of Omni-Lite Industries Canada Inc. (CVE:OML) gapped down by $0.03 today and has $1.50 target or 12.00% below today’s $1.70 share price. The 6 months technical chart setup indicates high risk for the $18.67M company. The gap down was reported on Nov, 17 by Barchart.com. If the $1.50 price target is reached, the company will be worth $2.24M 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 7,900 shares traded hands. Omni-Lite Industries Canada Inc. (CVE:OML) has risen 6.00% since October 18, 2016 and is uptrending. It has outperformed by 1.38% the S&P500.
More recent Omni-Lite Industries Canada Inc. (CVE:OML) news were published by: Digitaljournal.com which released: “CEO David Grant of Omni-Lite Industries Explains the Growth of the Aerospace …” on November 01, 2016. Also Businesswire.com published the news titled: “Global Metal Matrix Composites Market Growth of 5.9% CAGR by 2020 – Analysis …” on May 31, 2016. Midasletter.com‘s news article titled: “3 S&P/TSX Venture Stocks That Will Outperform on Stimulus: OML.V, LM.V, PHM.V” with publication date: January 25, 2016 was also an interesting one.
Omni-Lite Industries Canada Inc. is a research and development company. The company has a market cap of $18.67 million. The Firm is engaged in the manufacture of precision components forged from composite and other alloyed materials. It has a 19.11 P/E ratio. The Firm operates through four business divisions: Military, Aerospace, Specialty Automotive, and Sports and Recreation.
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