The stock of Bevo Agro Inc (CVE:BVO) gapped down by $0.05 today and has $1.10 target or 6.00% below today’s $1.17 share price. The 7 months technical chart setup indicates high risk for the $29.66M company. The gap down was reported on Nov, 30 by Barchart.com. If the $1.10 price target is reached, the company will be worth $1.78M 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 29,430 shares traded hands. Bevo Agro Inc (CVE:BVO) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
Bevo Agro Inc. is engaged in the propagation of plants in North America, providing greenhouses, field farms, nurseries, and wholesalers across the continent with plants. The company has a market cap of $29.66 million. The Firm operates through the segment of propagation and production of greenhouse products. It has a 10.6 P/E ratio. It operates approximately 45 acres of propagation greenhouse facilities on approximately 100 acres of land in Milner, British Colombia and approximately 20 acres of land in Pitt Meadows, British Colombia.
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