Does Silver Chef Limited Have Any Gas After Today’s Gap Down?

 Does Silver Chef Limited Have Any Gas After Today's Gap Down?

The stock of Silver Chef Limited (ASX:SIV) gapped down by $0.705 today and has $8.71 target or 12.00% below today’s $9.90 share price. The 7 months technical chart setup indicates high risk for the $356.78M company. The gap down was reported on Nov, 18 by Barchart.com. If the $8.71 price target is reached, the company will be worth $42.81M 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 10.57% or $1.17 on November 18, hitting $9.9. About 1.05 million shares traded hands or 1837.41% up from the average. Silver Chef Limited (ASX:SIV) has risen 6.34% since April 22, 2016 and is uptrending. It has outperformed by 1.91% the S&P500.

More important recent Silver Chef Limited (ASX:SIV) news were published by: Fool.com.Au which released: “Here’s why Silver Chef Limited shares plummeted 17%” on July 21, 2016, also Fool.com.Au published article titled: “Why has the Silver Chef Limited share price suddenly soared 10%?”, Fool.com.Au published: “Silver Chef Limited soars 8% on profit jump: Should you buy?” on February 20, 2015. More interesting news about Silver Chef Limited (ASX:SIV) was released by: Fool.com.Au and their article: “Is Silver Chef Limited’s sparkling result enough to power the share price higher?” with publication date: August 24, 2015.

Silver Chef Limited is a commercial equipment rental and financing company. The company has a market cap of $356.78 million. The Firm provides flexible equipment funding solutions to small and medium sized businesses. It has a 14.39 P/E ratio. The Firm operates through two divisions, which include Silver Chef and GoGetta.

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