Could Canadian Banc Corp Recover After Today’s Gap Up?

 Could Canadian Banc Corp Recover After Today's Gap Up?

The stock of Canadian Banc Corp (TSE:BK) gapped up by $0.05 today and has $19.89 target or 70.00% above today’s $11.70 share price. The 5 months technical chart setup indicates low risk for the $91.32 million company. The gap was reported on Nov, 21 by Barchart.com. If the $19.89 price target is reached, the company will be worth $63.92 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%. About 11,423 shares traded hands. Canadian Banc Corp (TSE:BK) has risen 14.17% since April 15, 2016 and is uptrending. It has outperformed by 10.31% the S&P500.

Canadian Banc Corp. is a mutual fund company. The company has a market cap of $91.32 million. The Company’s investment objective of the preferred shares is to provide holders with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing Canadian prime rate plus 0.75%, with a minimum annual rate of approximately 5.0% and a maximum annual rate of over 7% based on original issue price. It currently has negative earnings. The investment objective of the Class A shares is to provide holders with monthly cash distributions targeted to be at a rate of approximately 10% annualized based on the volume weighted average market price of the Class A shares for the last three trading days of the preceding month.

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.

Related posts

Leave a Comment