The stock of Orion Health Group Ltd (ASX:OHE) gapped down by $0.33 today and has $1.94 target or 4.00% below today’s $2.02 share price. The 6 months technical chart setup indicates high risk for the $ company. The gap down was reported on Nov, 28 by Barchart.com. If the $1.94 price target is reached, the company will be worth $ 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%. The stock decreased 19.20% or $0.48 on November 28, hitting $2.02. About 86,786 shares traded hands or 4323.34% up from the average. Orion Health Group Ltd (ASX:OHE) has declined 46.13% since May 2, 2016 and is downtrending. It has underperformed by 52.15% the S&P500.
More recent Orion Health Group Ltd (ASX:OHE) news were published by: Fool.com.Au which released: “Here’s why investors got burned by Orion Health Group Ltd” on February 01, 2015. Also Fool.com.Au published the news titled: “Why the Orion Health Group Ltd share price jumped 30% in April” on April 12, 2016. Fool.com.Au‘s news article titled: “Is Orion Health Group Ltd a blockbuster stock?” with publication date: November 25, 2015 was also an interesting one.
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