The stock of Aurora Labs Ltd (ASX:A3D) gapped up by $0.38 today and has $3.77 target or 7.00% above today’s $3.52 share price. The 8 months technical chart setup indicates low risk for the $49.28 million company. The gap was reported on Nov, 30 by Barchart.com. If the $3.77 price target is reached, the company will be worth $3.45M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 18.12% or $0.54 on November 30, hitting $3.52. About 957,047 shares traded hands or 879.88% up from the average. Aurora Labs Ltd (ASX:A3D) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
Aurora Labs Limited is engaged in the design, development and manufacture of three-dimensional metal printers and associated services and products. The company has a market cap of $49.28 million. The Firm also specializes in the development of printer software and the supply of associated consumable materials. It currently has negative earnings. It makes two models of small format printers (SFPs): the S-Titanium and S-Titanium Pro.
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