The stock of Sylvania Platinum Ltd (LON:SLP) gapped down by GBX 0.05 today and has GBX 7.24 target or 5.00% below today’s GBX 7.62 share price. The 9 months technical chart setup indicates high risk for the GBX 21.61 million company. The gap down was reported on Nov, 30 by Barchart.com. If the GBX 7.24 price target is reached, the company will be worth GBX 1.08 million 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 1.61% or GBX 0.12 on November 30, hitting GBX 7.62. About 1.05 million shares traded hands. Sylvania Platinum Ltd (LON:SLP) has risen 17.31% since May 3, 2016 and is uptrending. It has outperformed by 12.08% the S&P500.
More news for Sylvania Platinum Ltd (LON:SLP) were recently published by: Marketwatch.com, which released: “Sylvania Platinum earnings up 83% amid price slump” on January 28, 2016. Uk.Finance.Yahoo.com‘s article titled: “Sylvania Platinum Limited (SLP.L)” and published on October 03, 2009 is yet another important article.
Sylvania Platinum Limited is a producer of platinum group metals , including platinum, palladium and rhodium. The company has a market cap of 21.61 million GBP. The Firm is engaged in extraction of PGMs from chrome dumps and arisings, as well as investment in mineral exploration. It has a 7.72 P/E ratio. The Company’s divisions include Mill sell, Steelpoort, Lannex, Mooinooi, Doornbosch, Tweefontein, Exploration projects and Corporate/Unallocated.
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