Does Ncondezi Energy Have Any Gas After Today’s Gap Down?

 Does Ncondezi Energy Have Any Gas After Today's Gap Down?

The stock of Ncondezi Energy (LON:NCCL) gapped down by GBX 0.125 today and has GBX 4.69 target or 3.00% below today’s GBX 4.84 share price. The 5 months technical chart setup indicates high risk for the GBX 12.10M company. The gap down was reported on Nov, 29 by Barchart.com. If the GBX 4.69 price target is reached, the company will be worth GBX 363,000 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 7.74% or GBX 0.41 on November 29, hitting GBX 4.84. About 81,744 shares traded hands. Ncondezi Energy (LON:NCCL) has declined 12.77% since April 29, 2016 and is downtrending. It has underperformed by 18.03% the S&P500.

Another recent and important Ncondezi Energy (LON:NCCL) news was published by Uk.Finance.Yahoo.com which published an article titled: “Ncondezi Energy Limited (NCCL.L)” on March 29, 2014.

Ncondezi Energy Limited is a power development firm with an integrated thermal coal mine and power plant project located near Tete in northern Mozambique (the Ncondezi Coal Mine and Power Project, respectively). The company has a market cap of 12.10 million GBP. The Firm operates through three divisions: Mine project, which is involved in the exploration for coal and development of coal mine within the Company’s license areas in Mozambique; Power project, which relates to the development of approximately 300 megawatts (MW) integrated power plant next to the Company’s coal mine concession areas in Mozambique, and Corporate. It currently has negative earnings. Ncondezi is focusing on developing the projects in phases, subject to additional financing, with the first phase targeting approximately 300 MW and ultimately scalable to over 1,800 MW.

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