Novadaq Technologies Inc. Draws Bullish Attention After Its Gap Up Today

 Novadaq Technologies Inc. Draws Bullish Attention After Its Gap Up Today

The stock of Novadaq Technologies Inc. (TSE:NDQ) gapped up by $0.18 today and has $11.65 target or 6.00% above today’s $10.99 share price. The 8 months technical chart setup indicates low risk for the $623.13M company. The gap was reported on Nov, 25 by Barchart.com. If the $11.65 price target is reached, the company will be worth $37.39M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 29,100 shares traded hands or 637.83% up from the average. Novadaq Technologies Inc. (TSE:NDQ) has declined 34.11% since April 21, 2016 and is downtrending. It has underperformed by 39.52% the S&P500.

Novadaq Technologies Inc. is a medical device company. The company has a market cap of $623.13 million. The Firm primarily develops, makes and markets real-time fluorescence imaging products that are designed for use by surgeons in the operating room and other clinical settings where open and minimally invasive surgery or interventional procedures are performed. It currently has negative earnings. The Company’s segment is medical devices.

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