The stock of China Africa Resources PLC (LON:CAF) gapped down by GBX 0.8 today and has GBX 3.59 target or 11.00% below today’s GBX 4.03 share price. The 7 months technical chart setup indicates high risk for the GBX 665,683 company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 3.59 price target is reached, the company will be worth GBX 73,225 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 26.73% or GBX 1.47 on November 18, hitting GBX 4.03. About 1,628 shares traded hands. China Africa Resources PLC (LON:CAF) has risen 46.67% since April 19, 2016 and is uptrending. It has outperformed by 42.24% the S&P500.
China Africa Resources plc is a United Kingdom company, which is engaged in exploration and evaluation of mining assets. The company has a market cap of 665,683 GBP. The Firm is involved in the exploration and development of base metals, primarily lead and zinc. It currently has negative earnings. The Firm is engaged in the evaluation of the Berg Aukas Mine, which is located near Grootfontein in Northern Namibia.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.