Detour Gold Corporation Gaps Up; Strong Momentum for Buyers

 Detour Gold Corporation Gaps Up; Strong Momentum for Buyers

The stock of Detour Gold Corporation (TSE:DGC) gapped up by $0.1 today and has $39.51 target or 50.00% above today’s $26.34 share price. The 8 months technical chart setup indicates low risk for the $4.77B company. The gap was reported on Nov, 1 by Barchart.com. If the $39.51 price target is reached, the company will be worth $2.39B 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 470,240 shares traded hands. Detour Gold Corporation (TSE:DGC) has risen 6.00% since October 2, 2016 and is uptrending. It has outperformed by 2.99% the S&P500.

Detour Gold Corporation (TSE:DGC) Ratings Coverage

Out of 9 analysts covering Detour Gold Corporation (TSE:DGC), 8 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 89% are positive. $41 is the highest target while $17 is the lowest. The $27.47 average target is 4.29% above today’s ($26.34) stock price. Detour Gold Corporation has been the topic of 28 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Detour Gold Corporation (TSE:DGC) has “Buy” rating given on Friday, July 29 by Desjardins Securities. On Monday, August 10 the stock rating was maintained by RBC Capital Markets with “Outperform”. The stock has “Outperform” rating given by Scotia Capital on Wednesday, June 8. The rating was maintained by National Bank Canada on Friday, November 27 with “Outperform”. RBC Capital Markets maintained it with “Outperform” rating and $19 target price in Thursday, January 14 report. As per Friday, July 29, the company rating was maintained by TD Securities. The stock of Detour Gold Corporation (TSE:DGC) earned “Outperform” rating by RBC Capital Markets on Monday, August 24. The company was maintained on Monday, June 27 by National Bank Canada.

More notable recent Detour Gold Corporation (TSE:DGC) news were published by: Fool.ca which released: “Why Detour Gold Corporation Is Different From Other Gold Miners” on November 02, 2015, also Business.Financialpost.com with their article: “Fed hesitation drives S&P/TSX Composite index, Detour Gold Corp higher” published on March 17, 2016, Midasletter.com published: “S&P/TSX Composite index Gainers: Amaya Inc., Detour Gold Corp., Goldcorp” on February 01, 2016. More interesting news about Detour Gold Corporation (TSE:DGC) were released by: Theglobeandmail.com and their article: “Detour Gold: ‘The ultimate risk-reward name’ in gold miners” published on November 13, 2014 as well as Cbc.ca‘s news article titled: “Detour Gold faces charge of criminal negligence in death of Denis Millette” with publication date: April 21, 2016.

Detour Gold Corporation is a Canada intermediate gold producing company. The company has a market cap of $4.77 billion. The Firm is engaged in the acquisition, exploration, development and operation of mineral property interests. It currently has negative earnings. The Company’s primary asset is its Detour Lake mine, which is an open pit operation located in northeastern Ontario, approximately 300 kilometers northeast of Timmins and over 180 kilometers by road northeast of Cochrane.

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