Could PipeHawk plc See a Reversal After Having a Gap Down Now?

 Could PipeHawk plc See a Reversal After Having a Gap Down Now?

The stock of PipeHawk plc (LON:PIP) gapped down by GBX 0.295 today and has GBX 3.73 target or 4.00% below today’s GBX 3.89 share price. The 5 months technical chart setup indicates high risk for the GBX 1.28 million company. The gap down was reported on Nov, 22 by Barchart.com. If the GBX 3.73 price target is reached, the company will be worth GBX 51,200 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 increased 3.73% or GBX 0.14 on November 22, hitting GBX 3.89. About 161,501 shares traded hands or 750.90% up from the average. PipeHawk plc (LON:PIP) has risen 11.11% since April 22, 2016 and is uptrending. It has outperformed by 6.56% the S&P500.

PipeHawk plc is an engineering solutions provider. The company has a market cap of 1.28 million GBP. The Firm is engaged in the development, assembly and sale of ground probing radar equipment and test system solutions; the provision of GPR services, and the undertaking of complementary research and development assignments. It currently has negative earnings. The Company’s divisions include Utility detection and mapping services; Development, assembly and sale of GPR equipment, and Test system solutions.

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