The stock of Scisys Plc (LON:SSY) gapped up by GBX 5.112 today and has GBX 188.95 target or 73.00% above today’s GBX 109.22 share price. The 6 months technical chart setup indicates low risk for the GBX 37.45 million company. The gap was reported on Nov, 18 by Barchart.com. If the GBX 188.95 price target is reached, the company will be worth GBX 27.34 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock decreased 0.71% or GBX 0.78 on November 18, hitting GBX 109.22. About 59,458 shares traded hands or 219.65% up from the average. Scisys Plc (LON:SSY) has risen 54.93% since April 21, 2016 and is uptrending. It has outperformed by 50.50% the S&P500.
SCISYS PLC is a United Kingdom-based company, which is engaged in developing information technology services. The company has a market cap of 37.45 million GBP. The Firm develops application solutions and products, and provides supporting services. It has a 13.53 P/E ratio. The Firm provides IT services to firms and public sector organizations through four divisions: Space; Enterprise Solutions & Defence (ESD); Media & Broadcast (M&B), and Xibis Ltd.
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