Can New Gold Inc.’s Tomorrow be Different? The Stock Just Gapped Up

 Can New Gold Inc.'s Tomorrow be Different? The Stock Just Gapped Up

The stock of New Gold Inc. (TSE:NGD) gapped up by $0.03 today and has $6.78 target or 22.00% above today’s $5.56 share price. The 9 months technical chart setup indicates low risk for the $2.79 billion company. The gap was reported on Nov, 1 by Barchart.com. If the $6.78 price target is reached, the company will be worth $613.80 million 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 1.46M shares traded hands. New Gold Inc. (TSE:NGD) has risen 14.25% since March 28, 2016 and is uptrending. It has outperformed by 11.24% the S&P500.

New Gold Inc. (TSE:NGD) Ratings Coverage

Out of 8 analysts covering New Gold Inc. (TSE:NGD), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. New Gold Inc. has been the topic of 14 analyst reports since July 28, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of NGD in a report on Wednesday, June 29 with “Sector Perform” rating. The firm has “Hold” rating by Mackie given on Thursday, October 29. The firm earned “Outperform” rating on Tuesday, November 17 by RBC Capital Markets. The rating was downgraded by National Bank Canada on Friday, October 30 to “Sector Perform”. The company was upgraded on Tuesday, February 23 by Desjardins Securities. As per Friday, October 7, the company rating was maintained by RBC Capital Markets. Mackie upgraded it to “Buy” rating and $4 target price in Friday, August 28 report. JP Morgan initiated New Gold Inc. (TSE:NGD) on Thursday, February 4 with “Neutral” rating.

Another recent and important New Gold Inc. (TSE:NGD) news was published by Seekingalpha.com which published an article titled: “A New Gold Major Is Born” on October 27, 2016.

New Gold Inc. is a Canada-based intermediate gold mining company. The company has a market cap of $2.79 billion. The Firm is engaged in the development and operation of mineral properties. It has a 156.44 P/E ratio. The Firm has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada.

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