The stock of NORSK HYDRO A.S.A ORDS NOK1.098 (LON:NHY) gapped down by GBX 0.572 today and has GBX 355.58 target or 5.00% below today’s GBX 374.29 share price. The 8 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 30 by Barchart.com. If the GBX 355.58 price target is reached, the company will be worth GBX 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 1.79% or GBX 6.83 on November 30, hitting GBX 374.29. About 2.46M shares traded hands or 204.92% up from the average. NORSK HYDRO A.S.A ORDS NOK1.098 (LON:NHY) has risen 39.28% since May 3, 2016 and is uptrending. It has outperformed by 34.05% the S&P500.
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