The stock of McEwen Mining Inc (TSE:MUX) gapped up by $0.1 today and has $6.63 target or 45.00% above today’s $4.57 share price. The 7 months technical chart setup indicates low risk for the $1.30B company. The gap was reported on Nov, 1 by Barchart.com. If the $6.63 price target is reached, the company will be worth $585.00 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 532,897 shares traded hands or 323.96% up from the average. McEwen Mining Inc (TSE:MUX) has risen 79.34% since March 28, 2016 and is uptrending. It has outperformed by 76.33% the S&P500.
McEwen Mining Inc. is a mining and minerals exploration company. The company has a market cap of $1.30 billion. The Firm is focused on precious and base metals in Argentina, Mexico and the United States. It has a 117.18 P/E ratio. The Company’s divisions include Mexico, Argentina and the United States.
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