Is Major Move Coming For Silvercorp Metals Inc After This Gap Up?

 Is Major Move Coming For Silvercorp Metals Inc After This Gap Up?

The stock of Silvercorp Metals Inc (TSE:SVM) gapped up by $0.1 today and has $4.56 target or 24.00% above today’s $3.68 share price. The 6 months technical chart setup indicates low risk for the $634.38 million company. The gap was reported on Nov, 1 by Barchart.com. If the $4.56 price target is reached, the company will be worth $152.25 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 780,597 shares traded hands or 21.75% up from the average. Silvercorp Metals Inc (TSE:SVM) has risen 106.47% since March 28, 2016 and is uptrending. It has outperformed by 103.46% the S&P500.

More notable recent Silvercorp Metals Inc (TSE:SVM) news were published by: Seekingalpha.com which released: “If You Are Not Afraid China – Consider Silvercorp” on February 09, 2016, also Theglobeandmail.com with their article: “Canadian sues Silvercorp over ‘false imprisonment’ in China” published on August 20, 2014, Business.Financialpost.com published: “Short seller activities come to light in B.C. regulator’s probe of Silvercorp …” on April 17, 2015. More interesting news about Silvercorp Metals Inc (TSE:SVM) were released by: Twst.com and their article: “Silvercorp Metals Inc.: Silvercorp Reports 2016 AGM Results Announces …” published on October 03, 2016 as well as Seekingalpha.com‘s news article titled: “Silvercorp – Be Warned, Problems On The Horizon” with publication date: August 22, 2016.

Silvercorp Metals Inc. is a silver-producing Canadian mining company. The company has a market cap of $634.38 million. The Firm is engaged in the acquisition, exploration, development, and mining of silver-related mineral properties in China. It has a 53.57 P/E ratio. The Company’s divisions include Mining, including projects, such as Henan Luoning, Hunan, Guangdong and Other, and Administrative, which includes Beijing and Vancouver.

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