The following stocks gapped down significantly at the open on March 29: Accretive Health, Inc, Morgan Stanley China A Share Fu, Saba Software, Inc, National Bank of Greece SA, and Newcastle Investment Corp. These stocks may be down because of negative overnight news, overall market bearishness, or shorters pounding the stock down in hopes to cover. Oftentimes stocks will close the gap, meaning they will retrace to the last day's low. Thus, gap downs are often good buying opportunities.
Shares of Accretive Health, Inc (AH) opened lower by -15.63% and are currently trading at $20.68. In the past year, the shares have traded as low as $19.31 and as high as $32.82. On average, 357810 shares of AH exchange hands on a given day and today's volume is recorded at 520109. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $24.95 area but be careful because the stock may face selling pressure at this level.
Shares of Morgan Stanley China A Share Fu (CAF) opened lower by -8.48% and are currently trading at $19.1. In the past year, the shares have traded as low as $18.64 and as high as $29.47. On average, 170670 shares of CAF exchange hands on a given day and today's volume is recorded at 46112. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $21.93 area but be careful because the stock may face selling pressure at this level.
Shares of Saba Software, Inc (SABA) opened lower by -7.0% and are currently trading at $10.91. In the past year, the shares have traded as low as $5.07 and as high as $13.11. On average, 301990 shares of SABA exchange hands on a given day and today's volume is recorded at 275188. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $11.40 represents resistance and the 200-day moving average of $8.33 would be an area of support.
Shares of National Bank of Greece SA (NBG) opened lower by -6.34% and are currently trading at $2.66. In the past year, the shares have traded as low as $1.64 and as high as $9.40. On average, 1417850 shares of NBG exchange hands on a given day and today's volume is recorded at 255585. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $3.26 area but be careful because the stock may face selling pressure at this level.
Shares of Newcastle Investment Corp (NCT) opened lower by -5.25% and are currently trading at $6.19. In the past year, the shares have traded as low as $3.35 and as high as $6.64. On average, 814570 shares of NCT exchange hands on a given day and today's volume is recorded at 3441863. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $5.62 area where the stock will likely see buying pressure.
