The stock of Eldorado Gold Corp (TSE:ELD) gapped up by $0.05 today and has $6.41 target or 31.00% above today’s $4.89 share price. The 9 months technical chart setup indicates low risk for the $3.60 billion company. The gap was reported on Oct, 19 by Barchart.com. If the $6.41 price target is reached, the company will be worth $1.12 billion 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%. About 1.36 million shares traded hands. Eldorado Gold Corp (TSE:ELD) has risen 10.80% since March 14, 2016 and is uptrending. It has outperformed by 5.25% the S&P500.
Eldorado Gold Corp (TSE:ELD) Ratings Coverage
Out of 7 analysts covering Eldorado Gold Corporation (TSE:ELD), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. Eldorado Gold Corporation has been the topic of 19 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Paradigm Research upgraded Eldorado Gold Corp (TSE:ELD) on Tuesday, September 22 to “Buy” rating. The firm has “Overweight” rating by JP Morgan given on Thursday, February 4. The firm has “Neutral” rating given on Monday, September 19 by Dundee Securities. The firm earned “Outperform” rating on Tuesday, August 30 by RBC Capital Markets. Canaccord Genuity upgraded the shares of ELD in a report on Wednesday, January 13 to “Buy” rating. The firm has “” rating by Goldman Sachs given on Thursday, August 11. On Monday, August 24 the stock rating was downgraded by Canaccord Genuity to “Buy”.
More news for Eldorado Gold Corp (TSE:ELD) were recently published by: Fool.com, which released: “Why Eldorado Gold Corp Shares Jumped 22% in September” on October 11, 2016. Fool.ca‘s article titled: “Eldorado Gold Corp.: 1 of the Best Contrarian Plays on Gold” and published on October 17, 2016 is yet another important article.
Eldorado Gold Corporation owns and operates mines around the world, primarily gold mines but also a silver-lead-zinc mine. The company has a market cap of $3.60 billion. The Company’s activities involve all facets of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. It currently has negative earnings. The Company’s business is focused in Brazil, China, Greece, Turkey and Romania.
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