The stock of GPM Metals Inc (CVE:GPM) gapped down by $0.025 today and has $0.26 target or 13.00% below today’s $0.30 share price. The 7 months technical chart setup indicates high risk for the $18.46 million company. The gap down was reported on Sep, 14 by Barchart.com. If the $0.26 price target is reached, the company will be worth $2.40M 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 11.76% or $0.04 on September 13, hitting $0.3. About 598,232 shares traded hands or 509.68% up from the average. GPM Metals Inc (CVE:GPM) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.
GPM Metals Inc. is an exploration and development company. The company has a market cap of $18.46 million. The Firm focuses on acquiring and exploring district scale exploration properties. It currently has negative earnings. The Firm operates through four geographical divisions: Guyana, Canada, Australia and Peru.
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