The stock of Goodfellow Inc. (TSE:GDL) gapped down by $0.32 today and has $8.60 target or 7.00% below today’s $9.25 share price. The 7 months technical chart setup indicates high risk for the $80.61 million company. The gap down was reported on Nov, 25 by Barchart.com. If the $8.60 price target is reached, the company will be worth $5.64M 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 38,355 shares traded hands or 540.85% up from the average. Goodfellow Inc. (TSE:GDL) has declined 5.63% since April 21, 2016 and is downtrending. It has underperformed by 11.04% the S&P500.
More notable recent Goodfellow Inc. (TSE:GDL) news were published by: Marketwired.com which released: “Goodfellow Inc. Announces the Signing of a Letter of Intent to Acquire Quality …” on October 16, 2015, also Marketwired.com with their article: “Goodfellow Announces Delay in Filing Its Quarterly Financial Statements” published on October 13, 2016, Marketwired.com published: “Goodfellow Announces the Resignation of M. Richard Goodfellow as Director of …” on December 01, 2014. More interesting news about Goodfellow Inc. (TSE:GDL) were released by: Marketwired.com and their article: “Goodfellow Announces the Completion of the Verification Activities; the …” published on November 24, 2016 as well as Marketwired.com‘s news article titled: “Goodfellow Announces the Retirement of M. Richard Goodfellow on November 30, 2014” with publication date: June 13, 2014.
Goodfellow Inc. is a Canada-based company, which is engaged in the remanufacturing and distributing of lumber and hardwood flooring products. The company has a market cap of $80.61 million. The Firm is engaged in the wholesale distribution of wood products, and remanufacturing, distribution and brokerage of lumber. It has a 9.6 P/E ratio. The Firm offers products, including decking, flooring, lumber, insulation and sound proofing, panels, siding, and specialty and commodity panels.
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