ECCLESIASTICAL INSURANCE OFFICE PLC 8.625% NON CUM IRRD PRF #1 Gaps Down Today, Is Now One of The Worst Performers

 ECCLESIASTICAL INSURANCE OFFICE PLC 8.625% NON CUM IRRD PRF #1 Gaps Down Today, Is Now One of The Worst Performers

The stock of ECCLESIASTICAL INSURANCE OFFICE PLC 8.625% NON CUM IRRD PRF #1 (LON:ELLA) gapped down by GBX 2.705 today and has GBX 129.60 target or 4.00% below today’s GBX 135.00 share price. The 7 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 24 by Barchart.com. If the GBX 129.60 price target is reached, the company will be worth GBX 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 0.79% or GBX 1.06 on November 24, hitting GBX 135. About 39,469 shares traded hands. ECCLESIASTICAL INSURANCE OFFICE PLC 8.625% NON CUM IRRD PRF #1 (LON:ELLA) has declined 6.13% since April 26, 2016 and is downtrending. It has underperformed by 11.54% the S&P500.

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