The stock of Macro Enterprises Inc. (CVE:MCR) gapped up by $0.03 today and has $1.88 target or 6.00% above today’s $1.77 share price. The 5 months technical chart setup indicates low risk for the $54.74 million company. The gap was reported on Nov, 30 by Barchart.com. If the $1.88 price target is reached, the company will be worth $3.28 million 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%. About 70,401 shares traded hands or 212.48% up from the average. Macro Enterprises Inc. (CVE:MCR) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
More important recent Macro Enterprises Inc. (CVE:MCR) news were published by: Benzinga.com which released: “Macro Enterprises Inc. Announces 2016 Third Quarter Results” on November 29, 2016, also Seekingalpha.com published article titled: “Macro Enterprises: A $36 Million Skeleton In The Closet?”, Marketwired.com published: “Macro Enterprises Inc. Announces 2015 Third Quarter Results” on November 13, 2015. More interesting news about Macro Enterprises Inc. (CVE:MCR) was released by: Marketwired.com and their article: “Macro Enterprises Inc. Announces Date of Release of 2016 First Quarter Results …” with publication date: May 11, 2016.
Macro Enterprises Inc. is engaged in providing pipeline and facilities construction and pipeline repair services to companies in the gas and oil industry in western Canada. The company has a market cap of $54.74 million. The Firm performs a range of activities, including clearing and grading of the right-of-way, welding of the pipe to form a continuous pipeline, creating a ditch in which to bury the pipe and backfilling the ditch, among others. It currently has negative earnings. Pipeline repair is divided in two categories, emergency and planned work.
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