The stock of Safeland plc (LON:SAF) gapped down by GBX 3.3 today and has GBX 38.98 target or 7.00% below today’s GBX 41.91 share price. The 7 months technical chart setup indicates high risk for the GBX 6.31M company. The gap down was reported on Nov, 22 by Barchart.com. If the GBX 38.98 price target is reached, the company will be worth GBX 441,700 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 4.79% or GBX 1.91 on November 22, hitting GBX 41.91. About 20,000 shares traded hands or 418.40% up from the average. Safeland plc (LON:SAF) has declined 26.61% since April 25, 2016 and is downtrending. It has underperformed by 31.16% the S&P500.
Safeland plc is engaged in property trading, property refurbishment, including redevelopment, property investment and property fund management. The company has a market cap of 6.31 million GBP. The Firm is engaged in property owning and development activities and also acts as the holding firm of the Safeland plc group. It has a 2.91 P/E ratio. The Company’s divisions include property trading, property management, hotel operation and property investment.
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