Some Traders Are Very Bearish on Strategic Metals Ltd After Today’s Gap Down

 Some Traders Are Very Bearish on Strategic Metals Ltd After Today's Gap Down

The stock of Strategic Metals Ltd (CVE:SMD) gapped down by $0.01 today and has $0.41 target or 7.00% below today’s $0.44 share price. The 6 months technical chart setup indicates high risk for the $36.51M company. The gap down was reported on Nov, 25 by Barchart.com. If the $0.41 price target is reached, the company will be worth $2.56 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 62,345 shares traded hands or 24.11% up from the average. Strategic Metals Ltd (CVE:SMD) has risen 6.00% since October 26, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.

More news for Strategic Metals Ltd (CVE:SMD) were recently published by: Marketwired.com, which released: “Precipitate Receives $1200000 Through Warrant Exercise by Strategic Metals Ltd.” on November 08, 2016. Reuters.com‘s article titled: “BRIEF-Strategic Metals Ltd announces acquisition of additional securities …” and published on November 27, 2015 is yet another important article.

Strategic Metals Ltd. is an exploration-stage company. The company has a market cap of $36.51 million. The Firm is engaged in the acquisition, exploration and evaluation of mineral properties located in Canada. It currently has negative earnings. It holds investments in other resource companies, including Rockhaven and Silver Range Resources.

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