The stock of MySquar Ltd (LON:MYSQ) gapped down by GBX 0.07 today and has GBX 2.87 target or 6.00% below today’s GBX 3.05 share price. The 9 months technical chart setup indicates high risk for the GBX 6.62M company. The gap down was reported on Nov, 29 by Barchart.com. If the GBX 2.87 price target is reached, the company will be worth GBX 397,200 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 16.21% or GBX 0.59 on November 29, hitting GBX 3.05. About 675,840 shares traded hands. MySquar Ltd (LON:MYSQ) has declined 58.06% since April 29, 2016 and is downtrending. It has underperformed by 63.32% the S&P500.
MySquar Ltd is a mobile services company, which offers consumer technology solutions. The company has a market cap of 6.62 million GBP. The Firm offers MyCHAT, which is a mobile messaging application. It currently has negative earnings. The Company’s MyCHAT application allows users to interact with each other and find friends over the Internet using their mobile.
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