Market Runner: Elmira Savings Bank Gaps Up; Strong Momentum for Buyers

Market Runner: Elmira Savings Bank Gaps Up; Strong Momentum for Buyers

The stock of Elmira Savings Bank (NASDAQ:ESBK) gapped up by $0.04 today and has $41.61 target or 102.00% above today’s $20.60 share price. The 9 months technical chart setup indicates low risk for the $53.99M company. The gap was reported on Oct, 4 by If the $41.61 price target is reached, the company will be worth $55.07 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 3.49% or $0.69 on October 3, hitting $20.6. About 15,939 shares traded hands or 331.37% up from the average. Elmira Savings Bank (NASDAQ:ESBK) has risen 11.47% since March 1, 2016 and is uptrending. It has underperformed by 0.74% the S&P500.

Analysts await Elmira Savings Bank (NASDAQ:ESBK) to report earnings on October, 19.

According to Zacks Investment Research, “Elmira Savings Bank is a Community Bank serving the Southern tier of New York and Northern Tier of Pennsylvania.”

Another recent and important Elmira Savings Bank (NASDAQ:ESBK) news was published by which published an article titled: “Elmira man gets 13 years for three bank robberies” on September 19, 2014.

ESBK Company Profile

Elmira Savings Bank is a mutual savings bank. The Bank is engaged primarily in the business of attracting deposits from the public and originating mortgage loans secured by first and second liens on one-to-four family residences, consumer loans on automobiles, general consumer loans, commercial real estate loans and commercial loans. The Bank offers a variety of services to its individual and commercial customers. The Bank has two subsidiaries: ESB Realty Corp. and ESB Advisory Services, Inc. The Bank conducts its business through twelve full service offices located in Chemung, Tompkins, Cayuga, and Steuben Counties, New York, one limited service office located in Tompkins County, New York, one limited service office located in Cortland County, New York, and one cashless branch in Schuyler County, New York.

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