The following stocks gapped down significantly at the open on March 22: Thor Industries Inc, Two Harbors Investment Corp, Central European Distribution Corp, ICICI Bank Ltd, and Frontline Ltd. 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 Thor Industries Inc (THO) opened lower by -4.39% and are currently trading at $31.2. In the past year, the shares have traded as low as $17.40 and as high as $34.17. On average, 413980 shares of THO exchange hands on a given day and today's volume is recorded at 180735. 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 $31.63 represents resistance and the 200-day moving average of $26.28 would be an area of support.
Shares of Two Harbors Investment Corp (TWO) opened lower by -4.34% and are currently trading at $10.14. In the past year, the shares have traded as low as $7.40 and as high as $10.63. On average, 4798650 shares of TWO exchange hands on a given day and today's volume is recorded at 437270. 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 $10.01 area where the stock will likely see buying pressure.
Shares of Central European Distribution Corp (CEDC) opened lower by -4.28% and are currently trading at $5.39. In the past year, the shares have traded as low as $2.75 and as high as $13.13. On average, 1370000 shares of CEDC exchange hands on a given day and today's volume is recorded at 97657. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $6.47 represents resistance and the 50-day moving average of $4.87 would be an area of support.
Shares of ICICI Bank Ltd (IBN) opened lower by -4.11% and are currently trading at $35.44. In the past year, the shares have traded as low as $24.14 and as high as $50.82. On average, 2528350 shares of IBN exchange hands on a given day and today's volume is recorded at 383008. 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 $36.03 area but be careful because the stock may face selling pressure at this level.
Shares of Frontline Ltd (FRO) opened lower by -4.1% and are currently trading at $7.11. In the past year, the shares have traded as low as $2.52 and as high as $24.87. On average, 2429560 shares of FRO exchange hands on a given day and today's volume is recorded at 661512. 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 $6.98 area.
