The stock of California Gold Mining Inc (CVE:CGM) gapped up by $0.005 today and has $1.15 target or 126.00% above today’s $0.51 share price. The 9 months technical chart setup indicates low risk for the $17.29 million company. The gap was reported on Oct, 28 by Barchart.com. If the $1.15 price target is reached, the company will be worth $21.79M 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 61,903 shares traded hands or 386.16% up from the average. California Gold Mining Inc (CVE:CGM) has risen 6.00% since September 28, 2016 and is uptrending. It has outperformed by 1.29% the S&P500.
More notable recent California Gold Mining Inc (CVE:CGM) news were published by: Juniorminingnetwork.com which released: “California Gold Announces Closing of Second Tranche of Private Placement” on October 24, 2016, also Juniorminingnetwork.com with their article: “California Gold Announces First Exploratory Drill Results – Intersects 9.1 m …” published on October 03, 2016, Stockhouse.com published: “California Gold Appoints IAMGOLD Co-Founder Larry Phillips as Advisor to the …” on October 17, 2016. More interesting news about California Gold Mining Inc (CVE:CGM) were released by: Stockhouse.com and their article: “California Gold Announces Extension of Private Placement” published on September 30, 2016 as well as Seekingalpha.com‘s news article titled: “Why Did Freeport-McMoRan Stock Rise, Despite Earnings Miss?” with publication date: October 28, 2016.
California Gold Mining, Inc., formerly Upper Canada Gold Corporation, is a Canada junior mineral exploration company. The company has a market cap of $17.29 million. The Firm is engaged in acquisition, exploration and development of mineral resource properties. It currently has negative earnings. The Company’s projects include Fremont project and Dingman project.
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