What’s Propelling Abitibi Royalties Inc to Increase So Much? The Stock Gaps Up Today

 What's Propelling Abitibi Royalties Inc to Increase So Much? The Stock Gaps Up Today

The stock of Abitibi Royalties Inc (CVE:RZZ) gapped up by $0.17 today and has $19.16 target or 132.00% above today’s $8.26 share price. The 6 months technical chart setup indicates low risk for the $95.97M company. The gap was reported on Oct, 19 by Barchart.com. If the $19.16 price target is reached, the company will be worth $126.68M 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 4,450 shares traded hands. Abitibi Royalties Inc (CVE:RZZ) has risen 6.00% since September 19, 2016 and is uptrending. It has outperformed by 0.46% the S&P500.

More notable recent Abitibi Royalties Inc (CVE:RZZ) news were published by: Marketwired.com which released: “Abitibi Royalties News Release Update on Investment Portfolio” on October 19, 2016, also Marketwired.com with their article: “Abitibi Royalties Inc.: Rob McEwen to Purchase Additional 439084 Shares for …” published on June 02, 2016, Business.Financialpost.com published: “Abitibi Royalties Inc gets creative to find mining investment opportunities” on June 10, 2015. More interesting news about Abitibi Royalties Inc (CVE:RZZ) were released by: Seekingalpha.com and their article: “Checking In On Abitibi Royalties, Golden Valley Mines” published on September 21, 2016 as well as Marketwired.com‘s news article titled: “Abitibi Royalties Completes C$60 Million Transaction on the Malartic CHL Project” with publication date: March 20, 2015.

Abitibi Royalties Inc., together with its various subsidiaries, is involved in initial grassroots exploration projects. The company has a market cap of $95.97 million. The Firm operates through exploration and evaluation of mineral resources segment. It has a 4.37 P/E ratio. The Company’s properties include Canadian Malartic property, and Luc Bourdon and Bourdon West prospects.

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