The stock of Leading Edge Materials Corp (CVE:LEM) gapped down by $0.01 today and has $0.50 target or 4.00% below today’s $0.52 share price. The 7 months technical chart setup indicates high risk for the $40.80 million company. The gap down was reported on Nov, 30 by Barchart.com. If the $0.50 price target is reached, the company will be worth $1.63 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%. About 112,301 shares traded hands or 1.06% up from the average. Leading Edge Materials Corp (CVE:LEM) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
More notable recent Leading Edge Materials Corp (CVE:LEM) news were published by: Marketwired.com which released: “Leading Edge Materials Expands in Critical Raw Materials Sector” on August 29, 2016, also Marketwatch.com with their article: “Leading Edge Materials Stakes the Vena Cobalt Project in Sweden” published on November 02, 2016, Investingnews.com published: “The Newly-Formed Leading Edge Materials (TSX-V: LEM) Is a One-Stop-Shop in the …” on September 22, 2016. More interesting news about Leading Edge Materials Corp (CVE:LEM) were released by: Marketwired.com and their article: “Flinders and Tasman Announce Closing of the Arrangement; Name Change to …” published on August 25, 2016 as well as Marketwired.com‘s news article titled: “Leading Edge Materials Commences Trading on OTCQB” with publication date: September 02, 2016.
Leading Edge Materials Corp, formerly Flinders Resources Ltd, is a junior exploration company. The company has a market cap of $40.80 million. The Firm is engaged in the operation of its Woxna Graphite Mine located in central Sweden. It currently has negative earnings. The Woxna Project is located over eight kilometers west-north-west of the town of Edsbyn, northwest of the city of Gavle in Central Sweden.
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