The stock of Atacama Pacific Gold Corporation (CVE:ATM) gapped down by $0.03 today and has $0.58 target or 12.00% below today’s $0.66 share price. The 9 months technical chart setup indicates high risk for the $43.42 million company. The gap down was reported on Sep, 14 by Barchart.com. If the $0.58 price target is reached, the company will be worth $5.21M 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 5.71% or $0.04 on September 13, hitting $0.66. About 19,300 shares traded hands. Atacama Pacific Gold Corporation (CVE:ATM) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.
Atacama Pacific Gold Corporation is an exploration stage company. The company has a market cap of $43.42 million. The Firm is engaged in the acquisition, exploration and development of precious metals resource properties in Chile. It currently has negative earnings. The Company, through its subsidiary, Minera Atacama Pacific Gold Chile Limitada , operates Cerro Maricunga oxide gold project (Cerro Maricunga Gold Project).
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