The stock of Nighthawk Gold Corp (CVE:NHK) gapped up by $0.01 today and has $0.92 target or 59.00% above today’s $0.58 share price. The 6 months technical chart setup indicates low risk for the $74.04 million company. The gap was reported on Sep, 14 by Barchart.com. If the $0.92 price target is reached, the company will be worth $43.68 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 11.54% or $0.06 on September 13, hitting $0.58. About 1.56M shares traded hands or 278.15% up from the average. Nighthawk Gold Corp (CVE:NHK) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.
Nighthawk Gold Corp., formerly known as Merc International Minerals Inc., is an exploration company. The company has a market cap of $74.04 million. The Firm is engaged in the identification, acquisition, exploration and evaluation of gold properties in the Northwest Territories. It currently has negative earnings. The Company’s land position covers approximately 222,200 acres in the Indin Lake Gold Camp, which is located over 200 kilometers north of Yellowknife, Northwest Territories.
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