Traders Are Bearish Renaissance Gold Inc After Today’s Gap Down

 Traders Are Bearish Renaissance Gold Inc After Today's Gap Down

The stock of Renaissance Gold Inc (CVE:REN) gapped down by $0.025 today and has $0.36 target or 11.00% below today’s $0.41 share price. The 5 months technical chart setup indicates high risk for the $12.94 million company. The gap down was reported on Oct, 28 by Barchart.com. If the $0.36 price target is reached, the company will be worth $1.42M 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 63,100 shares traded hands or 61.13% up from the average. Renaissance Gold Inc (CVE:REN) has risen 6.00% since September 28, 2016 and is uptrending. It has outperformed by 1.29% the S&P500.

Renaissance Gold Inc. is a Canada-based gold/silver exploration company. The company has a market cap of $12.94 million. The Firm is engaged in the acquisition and exploration of mineral properties located in Nevada and Utah. It currently has negative earnings. It acquires mineral properties through staking and from third party vendors, some of which are subject to a net smelter return royalty.

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