The following stocks gapped down significantly at the open on March 22: Lake Shore Gold Corp, The Governor and Company of The Bank of Ireland, Sonic Corp, Jaguar Mining Inc, and IHS 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 Lake Shore Gold Corp (LSG) opened lower by -5.56% and are currently trading at $1.2. In the past year, the shares have traded as low as $1.07 and as high as $4.51. On average, 243570 shares of LSG exchange hands on a given day and today's volume is recorded at 6900. 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 $1.44 area but be careful because the stock may face selling pressure at this level.
Shares of The Governor and Company of The Bank of Ireland (IRE) opened lower by -5.55% and are currently trading at $6.87. In the past year, the shares have traded as low as $3.99 and as high as $26.90. On average, 1529570 shares of IRE exchange hands on a given day and today's volume is recorded at 678749. 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 $8.34 represents resistance and the 50-day moving average of $6.80 would be an area of support.
Shares of Sonic Corp (SONC) opened lower by -5.47% and are currently trading at $7.77. In the past year, the shares have traded as low as $6.35 and as high as $11.86. On average, 676760 shares of SONC exchange hands on a given day and today's volume is recorded at 158865. 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 $8.21 represents resistance and the 50-day moving average of $7.50 would be an area of support.
Shares of Jaguar Mining Inc (JAG) opened lower by -5.21% and are currently trading at $4.95. In the past year, the shares have traded as low as $4.03 and as high as $8.18. On average, 1124790 shares of JAG exchange hands on a given day and today's volume is recorded at 472263. 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 $5.85 area where the stock may encounter resistance.
Shares of IHS Inc (IHS) opened lower by -4.6% and are currently trading at $93.3. In the past year, the shares have traded as low as $67.88 and as high as $98.50. On average, 158680 shares of IHS exchange hands on a given day and today's volume is recorded at 51288. 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 $92.85 area where the stock will likely see buying pressure.
