The following stocks gapped down significantly at the open on March 29: ATP Oil & Gas Corp, Clean Energy Fuels Corp, Arena Pharmaceuticals, Inc, Janus Capital Group, Inc, and ING Groep NV. 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 ATP Oil & Gas Corp (ATPG) opened lower by -3.84% and are currently trading at $7.71. In the past year, the shares have traded as low as $5.53 and as high as $19.13. On average, 2163850 shares of ATPG exchange hands on a given day and today's volume is recorded at 240632. 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 $9.82 represents resistance and the 50-day moving average of $7.65 would be an area of support.
Shares of Clean Energy Fuels Corp (CLNE) opened lower by -3.84% and are currently trading at $20.78. In the past year, the shares have traded as low as $9.02 and as high as $24.75. On average, 2129490 shares of CLNE exchange hands on a given day and today's volume is recorded at 480307. 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 $18.20 area where the stock will likely see buying pressure.
Shares of Arena Pharmaceuticals, Inc (ARNA) opened lower by -3.77% and are currently trading at $2.83. In the past year, the shares have traded as low as $1.21 and as high as $3.48. On average, 6888550 shares of ARNA exchange hands on a given day and today's volume is recorded at 1702478. 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 $1.91 area where the stock will likely see buying pressure.
Shares of Janus Capital Group, Inc (JNS) opened lower by -3.7% and are currently trading at $8.92. In the past year, the shares have traded as low as $5.29 and as high as $12.70. On average, 3382370 shares of JNS exchange hands on a given day and today's volume is recorded at 347256. 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 $8.61 area where the stock will likely see buying pressure.
Shares of ING Groep NV (ING) opened lower by -3.67% and are currently trading at $8.43. In the past year, the shares have traded as low as $5.80 and as high as $13.41. On average, 3865420 shares of ING exchange hands on a given day and today's volume is recorded at 446284. 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 $8.68 area where the stock may encounter resistance.
