The stock of Organigram Holdings Inc (CVE:OGI) gapped down by $0.18 today and has $2.29 target or 9.00% below today’s $2.52 share price. The 6 months technical chart setup indicates high risk for the $265.40 million company. The gap down was reported on Nov, 22 by Barchart.com. If the $2.29 price target is reached, the company will be worth $23.89 million 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 3.00M shares traded hands. Organigram Holdings Inc (CVE:OGI) has risen 6.00% since October 23, 2016 and is uptrending. It has outperformed by 1.44% the S&P500.
More notable recent Organigram Holdings Inc (CVE:OGI) news were published by: Profitconfidential.com which released: “Organigram Holdings Inc: OGI Stock Rally Hinges on This” on November 21, 2016, also Marketwatch.com with their article: “OrganiGram Holdings Inc. Announces Issuance of Stock Options” published on June 28, 2016, Marketwired.com published: “OrganiGram Holdings Inc. Announces No Material Change” on November 14, 2016. More interesting news about Organigram Holdings Inc (CVE:OGI) were released by: Marketwired.com and their article: “OrganiGram Holdings Announces $35 Million Bought Deal” published on November 15, 2016 as well as Marketwired.com‘s news article titled: “OrganiGram Holdings Inc. Receives License to Sell Oil Extracts” with publication date: June 22, 2016.
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