The following stocks gapped down significantly at the open on March 26: Halcon Resources Corporation, ViaSat Inc, Corcept Therapeutics Incorporated, Direxion Daily Small Cap Bear 3X Shares, and ICICI Bank 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 Halcon Resources Corporation (HK) opened lower by -4.96% and are currently trading at $10.49. In the past year, the shares have traded as low as $1.80 and as high as $13.35. On average, 1040109 shares of HK exchange hands on a given day and today's volume is recorded at 63080. 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 $10.97 represents resistance and the 200-day moving average of $5.34 would be an area of support.
Shares of ViaSat Inc (VSAT) opened lower by -4.2% and are currently trading at $46.55. In the past year, the shares have traded as low as $31.18 and as high as $49.80. On average, 237540 shares of VSAT exchange hands on a given day and today's volume is recorded at 48447. 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 $46.42 area where the stock will likely see buying pressure.
Shares of Corcept Therapeutics Incorporated (CORT) opened lower by -3.7% and are currently trading at $3.94. In the past year, the shares have traded as low as $2.50 and as high as $5.07. On average, 708330 shares of CORT exchange hands on a given day and today's volume is recorded at 92172. 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 $3.62 area where the stock will likely see buying pressure.
Shares of Direxion Daily Small Cap Bear 3X Shares (TZA) opened lower by -3.7% and are currently trading at $17.11. In the past year, the shares have traded as low as $16.98 and as high as $68.30. On average, 22969830 shares of TZA exchange hands on a given day and today's volume is recorded at 2871492. 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 $19.68 area but be careful because the stock may face selling pressure at this level.
Shares of ICICI Bank Ltd (IBN) opened lower by -3.55% and are currently trading at $34.6. In the past year, the shares have traded as low as $24.14 and as high as $50.82. On average, 2527440 shares of IBN exchange hands on a given day and today's volume is recorded at 221862. 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 $36.25 area but be careful because the stock may face selling pressure at this level.
