The stock of Centamin PLC (TSE:CEE) gapped down by $0.05 today and has $1.97 target or 9.00% below today’s $2.16 share price. The 8 months technical chart setup indicates high risk for the $2.55 billion company. The gap down was reported on Nov, 25 by Barchart.com. If the $1.97 price target is reached, the company will be worth $229.50 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 11,400 shares traded hands. Centamin PLC (TSE:CEE) has risen 12.69% since April 21, 2016 and is uptrending. It has outperformed by 7.28% the S&P500.
Centamin plc is a mineral exploration, development and mining company. The company has a market cap of $2.55 billion. The Firm operates in Egypt, Ethiopia, the United Kingdom and Australia. It has a 0.3 P/E ratio. The Company’s segment is the business of exploration and mining of precious metals.
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