Could Centamin PLC Gain Strenght? The Stock Just Gapped Down

 Could Centamin PLC Gain Strenght? The Stock Just Gapped Down

The stock of Centamin PLC (TSE:CEE) gapped down by $0.07 today and has $2.00 target or 9.00% below today’s $2.20 share price. The 9 months technical chart setup indicates high risk for the $2.65 billion company. The gap down was reported on Nov, 18 by Barchart.com. If the $2.00 price target is reached, the company will be worth $238.50 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%. About 25,200 shares traded hands. Centamin PLC (TSE:CEE) has risen 27.07% since April 14, 2016 and is uptrending. It has outperformed by 22.64% the S&P500.

More news for Centamin PLC (TSE:CEE) were recently published by: Marketwired.com, which released: “Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016” on October 31, 2016. Fool.Co.Uk‘s article titled: “Can 2016 winners Centamin plc (+145%), Anglo American plc (+149%) and Lonmin …” and published on July 08, 2016 is yet another important article.

Centamin plc is a mineral exploration, development and mining company. The company has a market cap of $2.65 billion. The Firm operates in Egypt, Ethiopia, the United Kingdom and Australia. It has a 0.31 P/E ratio. The Company’s segment is the business of exploration and mining of precious metals.

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