The stock of Indus Gas Limited (LON:INDI) gapped down by GBX 10 today and has GBX 252.30 target or 13.00% below today’s GBX 290.00 share price. The 5 months technical chart setup indicates high risk for the GBX 464.28 million company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 252.30 price target is reached, the company will be worth GBX 60.36 million 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 0.85% or GBX 2.5 on November 18, hitting GBX 290. About 5,890 shares traded hands or 82.69% up from the average. Indus Gas Limited (LON:INDI) has risen 74.63% since April 20, 2016 and is uptrending. It has outperformed by 70.20% the S&P500.
More news for Indus Gas Limited (LON:INDI) were recently published by: Fool.Co.Uk, which released: “Could IGAS Energy PLC And Indus Gas Limited Be Potential Multi-Baggers?” on March 26, 2015. Fool.Co.Uk‘s article titled: “Will Indivior plc (+71%), Serco Group plc (+33%) & Indus Gas Limited (+105 …” and published on June 28, 2016 is yet another important article.
Indus Gas Limited is engaged in the business of gas and oil exploration, development and production. The company has a market cap of 464.28 million GBP. The Firm is focused on gas and oil exploration and development in Rajasthan, India in Block RJ-ON/6. It has a 41.97 P/E ratio. The Firm owns a participating interest in the Block .
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