The stock of NEW PACIFIC HOLDINGS CORP (CVE:NUX) gapped down by $0.01 today and has $0.53 target or 3.00% below today’s $0.55 share price. The 7 months technical chart setup indicates high risk for the $37.49M company. The gap down was reported on Nov, 28 by Barchart.com. If the $0.53 price target is reached, the company will be worth $1.12M 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 20,000 shares traded hands or 304.12% up from the average. NEW PACIFIC HOLDINGS CORP (CVE:NUX) has risen 6.00% since October 29, 2016 and is uptrending. It has underperformed by 0.01% the S&P500.
More recent NEW PACIFIC HOLDINGS CORP (CVE:NUX) news were published by: Marketwired.com which released: “New Pacific Appoints Vice-President, Corporate Development” on September 30, 2016. Also Marketwired.com published the news titled: “Early Warning News Release: New Pacific Acquires A 12.4% Stake in Aton …” on August 08, 2016. Marketwired.com‘s news article titled: “New Pacific Grants Stock Options” with publication date: November 02, 2016 was also an interesting one.
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