Some Traders Are Very Bearish on NEW PACIFIC HOLDINGS CORP After Today’s Gap Down

 Some Traders Are Very Bearish on NEW PACIFIC HOLDINGS CORP After Today's Gap Down

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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