The stock of Aphria Inc (CVE:APH) gapped down by $0.48 today and has $4.53 target or 3.00% below today’s $4.67 share price. The 5 months technical chart setup indicates high risk for the $468.98 million company. The gap down was reported on Nov, 22 by Barchart.com. If the $4.53 price target is reached, the company will be worth $14.07 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 3.24M shares traded hands or 5.88% up from the average. Aphria Inc (CVE:APH) has risen 6.00% since October 23, 2016 and is uptrending. It has outperformed by 1.44% the S&P500.
More news for Aphria Inc (CVE:APH) were recently published by: Midasletter.com, which released: “Marijuana dominates Canada: Supreme Pharmaceuticals, Canopy Growth, Aphria Inc” on November 18, 2016. Seekingalpha.com‘s article titled: “The Most Compelling Marijuana Investment: Aphria” and published on June 01, 2016 is yet another important article.
Aphria Inc., formerly Black Sparrow Capital Corp., is a Canada company, which is engaged in producing and selling medical marijuana through retail sales and wholesale channels. The company has a market cap of $468.98 million. The Company’s retail sales are primarily sold through the Company’s online store, as well as telephone orders. It has a 193.21 P/E ratio. The Company’s wholesale shipments are sold to other Medical Purposes Regulations Licensed Producers.
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