The following stocks gapped up significantly at the open on March 23: Compagnie G, McEwen Mining Inc. Common Stock, Patni Computer Systems Limited, China Unicom (Hong Kong) Limited, and U.S. Silica Holdings, Inc. Comm. These stocks may be up because of positive overnight news, overall market bullishness, or increased speculation. Oftentimes stocks will close the gap, meaning they will retrace to the last day's high. Thus, gap ups are often good selling opportunities but in some cases, watch for the stock to continue higher.
Shares of Compagnie G (CGV) opened higher by 3.89% and are currently trading at $29.61. In the past year, the shares have traded as low as $15.08 and as high as $38.09. On average, 71290 shares of CGV exchange hands on a given day and today's volume is recorded at 5602. 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 $28.79 area where the stock will likely see buying pressure.
Shares of McEwen Mining Inc. Common Stock (MUX) opened higher by 3.74% and are currently trading at $3.88. In the past year, the shares have traded as low as $2.93 and as high as $9.87. On average, 2819700 shares of MUX exchange hands on a given day and today's volume is recorded at 198632. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $5.04 area where the stock may encounter resistance.
Shares of Patni Computer Systems Limited (PTI) opened higher by 3.66% and are currently trading at $19.76. In the past year, the shares have traded as low as $10.91 and as high as $21.62. On average, 27870 shares of PTI exchange hands on a given day and today's volume is recorded at 5011. 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 $19.00 area where the stock will likely see buying pressure.
Shares of China Unicom (Hong Kong) Limited (CHU) opened higher by 3.55% and are currently trading at $16.97. In the past year, the shares have traded as low as $16.10 and as high as $22.50. On average, 1024329 shares of CHU exchange hands on a given day and today's volume is recorded at 231768. 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 $18.35 area but be careful because the stock may face selling pressure at this level.
Shares of U.S. Silica Holdings, Inc. Comm (SLCA) opened higher by 3.23% and are currently trading at $20.72. In the past year, the shares have traded as low as $15.38 and as high as $21.78. On average, 744830 shares of SLCA exchange hands on a given day and today's volume is recorded at 30388. The shares are currently trading above the 200-day moving average which indicates that the shares have been subject to upward momentum. The 200 DMA is above the 50 DMA which indicates that the stock has likely taken a dip in the shorter term. The stock may eventually drop to test the 200-day moving average where buyers may be lurking near the $17.45 area.
