Time to Sell Macro Enterprises Inc. After Today’s Gap Down?

 Time to Sell Macro Enterprises Inc. After Today's Gap Down?

The stock of Macro Enterprises Inc. (CVE:MCR) gapped down by $0.05 today and has $1.35 target or 10.00% below today’s $1.50 share price. The 8 months technical chart setup indicates high risk for the $47.01 million company. The gap down was reported on Nov, 21 by Barchart.com. If the $1.35 price target is reached, the company will be worth $4.70M 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%. About 35,324 shares traded hands. Macro Enterprises Inc. (CVE:MCR) has risen 6.00% since October 22, 2016 and is uptrending. It has outperformed by 2.14% the S&P500.

More notable recent Macro Enterprises Inc. (CVE:MCR) news were published by: Seekingalpha.com which released: “Macro Enterprises: A $36 Million Skeleton In The Closet?” on October 07, 2015, also Marketwired.com with their article: “Macro Enterprises Inc. Announces 2015 Third Quarter Results” published on November 13, 2015, Marketwired.com published: “Macro Enterprises Inc. Announces Date of Release of 2016 First Quarter Results …” on May 11, 2016. More interesting news about Macro Enterprises Inc. (CVE:MCR) were released by: Marketwired.com and their article: “Macro Enterprises Inc. Announces Changes to Management” published on May 09, 2014 as well as Seekingalpha.com‘s news article titled: “Macro Enterprises: Cheap Today, With An Imminent Catalyst For Material Upside …” with publication date: June 05, 2015.

Macro Enterprises Inc. is engaged in providing pipeline and facilities construction and pipeline repair services to companies in the gas and oil industry in western Canada. The company has a market cap of $47.01 million. The Firm performs a range of activities, including clearing and grading of the right-of-way, welding of the pipe to form a continuous pipeline, creating a ditch in which to bury the pipe and backfilling the ditch, among others. It currently has negative earnings. Pipeline repair is divided in two categories, emergency and planned work.

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