Could Chemtura Corp Change Direction After Today’s Gap Down?

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The stock of Chemtura Corp (NYSE:CHMT) gapped down by $0.07 today and has $26.51 target or 9.00% below today’s $29.13 share price. The 5 months technical chart setup indicates high risk for the $1.99 billion company. The gap down was reported on Dec, 9 by If the $26.51 price target is reached, the company will be worth $179.10M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 1.69% or $0.5 during the last trading session, hitting $29.13. Chemtura Corp (NYSE:CHMT) has declined 3.89% since May 6, 2015 and is downtrending. It has underperformed by 3.10% the S&P500.

According to Zacks Investment Research, “Chemtura Corporation is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products.” Get a free copy of the Zacks research report on Chemtura Corp (CHMT).

The institutional sentiment decreased to 0.78 in Q3 2015. Its down 0.11, from 0.89 in 2015Q2. The ratio is negative, as 25 funds sold all Chemtura Corp shares owned while 71 reduced positions. 25 funds bought stakes while 50 increased positions. They now own 74.37 million shares or 14.28% more from 65.07 million shares in 2015Q2.

Quaker Capital Investments Llc holds 11.53% of its portfolio in Chemtura Corp for 679,139 shares. Paradice Investment Management Llc owns 1.21 million shares or 6.33% of their US portfolio. Moreover, Corsair Capital Management L.P. has 4.17% invested in the company for 1.40 million shares. The Illinois-based Sg Capital Management Llc has invested 2.4% in the stock. Gw Capital Inc, a Washington-based fund reported 1.10 million shares.

Since April 8, 2015, the stock had 0 buys, and 3 sales for $4.51 million net activity. Swiech Alan M sold 23,006 shares worth $713,186. Rogerson Craig A sold 117,571 shares worth $3.64 million. Orton Laurence Michael sold 5,000 shares worth $149,500. Cross Chet sold 72,111 shares worth $2.15 million. The insider Flaherty Billie S. sold 26,456 shares worth $808,390.

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