The stock of Gold Reserve Inc (CVE:GRZ) gapped down by $0.11 today and has $4.66 target or 11.00% below today’s $5.24 share price. The 8 months technical chart setup indicates high risk for the $481.32 million company. The gap down was reported on Oct, 18 by Barchart.com. If the $4.66 price target is reached, the company will be worth $52.95 million 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%. About 25,961 shares traded hands or 28.75% up from the average. Gold Reserve Inc (CVE:GRZ) has risen 6.00% since September 18, 2016 and is uptrending. It has outperformed by 0.52% the S&P500.
More notable recent Gold Reserve Inc (CVE:GRZ) news were published by: Bloomberg.com which released: “Gold Reserve Shares Surge on $770 Million Venezuelan Settlement” on August 08, 2016, also Seekingalpha.com with their article: “Should You Risk Buying Gold Reserve Inc. In Light Of Venezuela’s $1 Billion …” published on October 10, 2016, Businesswire.com published: “Gold Reserve Inc. Announces Proposed Private Placement” on March 09, 2016. More interesting news about Gold Reserve Inc (CVE:GRZ) were released by: Reuters.com and their article: “BRIEF-Gold Reserve Inc extends MOU with Bolivarian republic of Venezuela t…” published on June 23, 2016 as well as Businesswire.com‘s news article titled: “Gold Reserve Completes Issuance of US $12.3 Million of New Convertible Notes …” with publication date: December 01, 2015.
Gold Reserve Inc. is an exploration-stage company. The company has a market cap of $481.32 million. The Firm is engaged in the business of acquiring, exploring and developing mining projects. It currently has negative earnings. It operates in the exploration and development of mineral properties segment.
GRZ Company Profile
Gold Reserve Inc. (Gold Reserve), incorporated in 1998, is an exploration-stage company. The Firm is engaged in the business of acquiring, exploring and developing mining projects. During the year ended December 31, 2010, the Company disposed of its 45% interest in Great Basin Energies, Inc. (Great Basin) and 44% interest in MGC Ventures Inc. (MGC Ventures).
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