What Will Happen to Electrovaya Inc. Next? The Stock Just Gapped Down

 What Will Happen to Electrovaya Inc. Next? The Stock Just Gapped Down

The stock of Electrovaya Inc. (TSE:EFL) gapped down by $0.04 today and has $1.99 target or 6.00% below today’s $2.12 share price. The 8 months technical chart setup indicates high risk for the $182.41M company. The gap down was reported on Nov, 22 by Barchart.com. If the $1.99 price target is reached, the company will be worth $10.94M 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 134,060 shares traded hands. Electrovaya Inc. (TSE:EFL) has risen 55.56% since April 18, 2016 and is uptrending. It has outperformed by 51.00% the S&P500.

More recent Electrovaya Inc. (TSE:EFL) news were published by: Marketwatch.com which released: “Electrovaya Inc.” on April 15, 2011. Also Business.Financialpost.com published the news titled: “Podcast: Electrovaya Inc. CEO says products superior to Tesla, Panasonic, and BYD” on March 28, 2016. Bloomberg.com‘s news article titled: “Tiny Battery Company Electrovaya Is Taking on Tesla, Panasonic” with publication date: June 30, 2016 was also an interesting one.

Electrovaya Inc. is a Canada-based company, which is engaged in developing, manufacturing and marketing of power technology products. The company has a market cap of $182.41 million. The Firm develops energy storage products, including electrodes, separators, cells, modules and advanced battery systems. It currently has negative earnings. The Firm develops Lithium Ion SuperPolymer batteries and battery-related products for the clean electric transportation, utility scale energy storage and smart grid power, consumer and healthcare markets.

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