The stock of PharmaCan Capital Corp (CVE:MJN) gapped down by $0.1 today and has $1.30 target or 8.00% below today’s $1.41 share price. The 5 months technical chart setup indicates high risk for the $202.61 million company. The gap down was reported on Nov, 22 by Barchart.com. If the $1.30 price target is reached, the company will be worth $16.21M 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 709,899 shares traded hands or 2.54% up from the average. PharmaCan Capital Corp (CVE:MJN) has risen 6.00% since October 23, 2016 and is uptrending. It has outperformed by 1.44% the S&P500.
More recent PharmaCan Capital Corp (CVE:MJN) news were published by: Marketwatch.com which released: “Jason Adler Announces Increase in Equity Interest in PharmaCan Capital Corp.” on June 08, 2016. Also Midasletter.com published the news titled: “PharmaCan Capital Corp (TSX.V:MJN) CEO Paul Rosen Interview and Podcast” on February 20, 2015. Marketwired.com‘s news article titled: “PharmaCan Capital Corp. to Open Toronto Stock Exchange” with publication date: January 13, 2015 was also an interesting one.
PharmaCan Capital Corp., formerly Searchtech Ventures Inc., is a merchant bank, which is focused on investing in Canada’s medical marijuana industry. The company has a market cap of $202.61 million. The Firm is engaged in the business of investing in companies either licensed or seeking a license to produce medical marijuana. It currently has negative earnings. The Firm operates through two divisions: Investing Segment and Operating Segment.
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