The stock of Acorn Growth PLC (LON:ACO) gapped down by GBX 0.038 today and has GBX 11.40 target or 5.00% below today’s GBX 12.00 share price. The 9 months technical chart setup indicates high risk for the GBX 3.66 million company. The gap down was reported on Nov, 30 by Barchart.com. If the GBX 11.40 price target is reached, the company will be worth GBX 183,000 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 1.03% or GBX 0.12 on November 30, hitting GBX 12. About 50,000 shares traded hands or 32.67% up from the average. Acorn Growth PLC (LON:ACO) has risen 21.79% since May 3, 2016 and is uptrending. It has outperformed by 16.57% the S&P500.
Another recent and important Acorn Growth PLC (LON:ACO) news was published by Seekingalpha.com which published an article titled: “ARM Holdings – The Growth Story Is Not Over Yet” on March 29, 2016.
Acorn Growth Plc, formerly Acorn Minerals Plc, is engaged in considering potential opportunities for acquisition, carrying out due diligence in relation to proposed targets and ongoing compliance and administrative matters as required. The company has a market cap of 3.66 million GBP. The Firm has no operations. It currently has negative earnings.
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