Bullish Gap Up for NovaGold Resources Inc. After Better Fundamentals

 Bullish Gap Up for NovaGold Resources Inc. After Better Fundamentals

The stock of NovaGold Resources Inc. (TSE:NG) gapped up by $0.09 today and has $11.34 target or 62.00% above today’s $7.00 share price. The 5 months technical chart setup indicates low risk for the $2.27 billion company. The gap was reported on Nov, 1 by Barchart.com. If the $11.34 price target is reached, the company will be worth $1.41 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 380,539 shares traded hands. NovaGold Resources Inc. (TSE:NG) has risen 2.91% since March 28, 2016 and is uptrending. It has underperformed by 0.10% the S&P500.

NovaGold Resources Inc. (TSE:NG) Ratings Coverage

Out of 3 analysts covering NovaGold Resources (TSE:NG), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. NovaGold Resources has been the topic of 3 analyst reports since January 29, 2016 according to StockzIntelligence Inc. RBC Capital Markets maintained NovaGold Resources Inc. (TSE:NG) on Tuesday, June 28 with “Sector Perform” rating. The firm has “Neutral” rating by JP Morgan given on Thursday, February 4.

Another recent and important NovaGold Resources Inc. (TSE:NG) news was published by Prnewswire.com which published an article titled: “Technical Roundup on Gold Stocks — Golden Star Resources, Sandstorm Gold …” on October 31, 2016.

Novagold Resources Inc. is a mineral exploration company. The company has a market cap of $2.27 billion. The Firm is engaged in the exploration and development of mineral properties. It currently has negative earnings. The Company’s segment is involved in the exploration and development of mineral properties.

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