The stock of EnWave Corp (CVE:ENW) gapped down by $0.04 today and has $0.98 target or 8.00% below today’s $1.07 share price. The 6 months technical chart setup indicates high risk for the $97.98M company. The gap down was reported on Nov, 25 by Barchart.com. If the $0.98 price target is reached, the company will be worth $7.84 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 9,500 shares traded hands. EnWave Corp (CVE:ENW) has risen 6.00% since October 26, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.
More important recent EnWave Corp (CVE:ENW) news were published by: Marketwired.com which released: “EnWave Corporation Retains The Equity Group to Provide Investor Relations Services” on February 24, 2016, also Marketwired.com published article titled: “EnWave Corporation Announces Closing of $5 Million “Bought Deal” Private Placement”, Seekingalpha.com published: “REV Your Engines: EnWave Corp. Ready To Capitalize On Groundbreaking Technology” on February 06, 2013. More interesting news about EnWave Corp (CVE:ENW) was released by: Marketwired.com and their article: “EnWave Receives Purchase Order From Milne Fruit Products for 120kW REV(TM …” with publication date: June 28, 2016.
EnWave Corporation is a Canada-based industrial technology company. The company has a market cap of $97.98 million. The Firm licenses, manufactures and installs commercial-scale dehydration platforms for applications in the food, pharmaceutical and industrial sectors to manufacturing companies. It currently has negative earnings. The Company’s divisions are EnWave and EnWave USA.
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