The stock of The Ottoman Fund Limited (LON:OTM) gapped down by GBX 0.55 today and has GBX 1.38 target or 14.00% below today’s GBX 1.60 share price. The 6 months technical chart setup indicates high risk for the GBX 2.86 million company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 1.38 price target is reached, the company will be worth GBX 400,400 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 24.61% or GBX 0.52 on November 18, hitting GBX 1.6. It is down 56.32% since April 21, 2016 and is downtrending. It has underperformed by 60.75% the S&P500.
The Ottoman Fund Limited is a closed-ended investment company. The company has a market cap of 2.86 million GBP. The Firm operates in Turkey segment. It currently has negative earnings. The Firm had invested in Turkish land and new-build residential property in Riva, Bodrum and Alanya.
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