The following stocks gapped down significantly at the open on March 28: SYNNEX Corp, Jos. A Bank Clothiers Inc, Arena Pharmaceuticals, Inc, EXFO Inc, and Teavana Holdings, Inc. 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 SYNNEX Corp (SNX) opened lower by -10.86% and are currently trading at $38.81. In the past year, the shares have traded as low as $22.56 and as high as $44.25. On average, 349100 shares of SNX exchange hands on a given day and today's volume is recorded at 255217. 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 $39.57 represents resistance and the 200-day moving average of $31.14 would be an area of support.
Shares of Jos. A Bank Clothiers Inc (JOSB) opened lower by -9.57% and are currently trading at $50.06. In the past year, the shares have traded as low as $40.46 and as high as $57.14. On average, 297180 shares of JOSB exchange hands on a given day and today's volume is recorded at 284853. 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 $50.99 represents resistance and the 200-day moving average of $49.93 would be an area of support.
Shares of Arena Pharmaceuticals, Inc (ARNA) opened lower by -7.98% and are currently trading at $3.03. In the past year, the shares have traded as low as $1.21 and as high as $3.48. On average, 6544550 shares of ARNA exchange hands on a given day and today's volume is recorded at 5225934. 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 $1.88 area where the stock will likely see buying pressure.
Shares of EXFO Inc (EXFO) opened lower by -6.73% and are currently trading at $6.81. In the past year, the shares have traded as low as $5.25 and as high as $11.30. On average, 51640 shares of EXFO exchange hands on a given day and today's volume is recorded at 11678. 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 $7.19 represents resistance and the 200-day moving average of $6.75 would be an area of support.
Shares of Teavana Holdings, Inc (TEA) opened lower by -6.46% and are currently trading at $18.86. In the past year, the shares have traded as low as $14.28 and as high as $29.35. On average, 234960 shares of TEA exchange hands on a given day and today's volume is recorded at 286678. 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 $21.19 area where the stock may encounter resistance.
