A Reversal for City Office REIT Inc Is Not Near. The Stock Gaps Down

The stock of City Office REIT Inc (NYSE:CIO) gapped down by $0.13 today and has $10.81 target or 10.00% below today’s $12.01 share price. The 6 months technical chart setup indicates high risk for the $156.65M company. The gap down was reported on Mar, 30 by Barchart.com. If the $10.81 price target is reached, the company will be worth $15.67M 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 6.03% or $0.77 on March 29, hitting $12.01. About 189,028 shares traded hands or 347.01% up from the average. City Office REIT Inc (NYSE:CIO) has risen 9.42% since August 20, 2015 and is uptrending. It has outperformed by 9.35% the S&P500.

According to Zacks Investment Research, “City Office REIT, Inc. is a real estate investment trust. It focuses on acquiring, owning, and operating office properties in the United States. The Company invests in properties located in metropolitan areas in the Southern and Western United States. City Office REIT, Inc. is based in Vancouver, Canada.”

The institutional sentiment increased to 1.67 in Q3 2015. Its up 0.41, from 1.26 in 2015Q2. The ratio is positive, as 8 funds sold all City Office REIT Inc shares owned while 13 reduced positions. 18 funds bought stakes while 17 increased positions. They now own 8.76 million shares or 91.86% more from 4.57 million shares in 2015Q2.

Ardsley Advisory Partners holds 0.86% of its portfolio in City Office REIT Inc for 310,700 shares. Perritt Capital Management Inc owns 328,496 shares or 0.78% of their US portfolio. Moreover, Bard Associates Inc has 0.76% invested in the company for 116,285 shares. The New York-based Spirit Of America Management Corp Ny has invested 0.47% in the stock. Scholtz & Company Llc, a Connecticut-based fund reported 36,500 shares.

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