Asanko Gold Inc Draws Bullish Attention After Its Gap Up Today

 Asanko Gold Inc Draws Bullish Attention After Its Gap Up Today

The stock of Asanko Gold Inc (TSE:AKG) gapped up by $0.02 today and has $7.79 target or 44.00% above today’s $5.41 share price. The 7 months technical chart setup indicates low risk for the $1.11B company. The gap was reported on Nov, 2 by Barchart.com. If the $7.79 price target is reached, the company will be worth $488.40 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 770,158 shares traded hands. Asanko Gold Inc (TSE:AKG) has risen 76.45% since March 29, 2016 and is uptrending. It has outperformed by 73.93% the S&P500.

Asanko Gold Inc (TSE:AKG) Ratings Coverage

Out of 3 analysts covering Asanko Gold (TSE:AKG), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Asanko Gold has been the topic of 11 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Scotia Capital maintained it with “Outperform” rating and $7.50 target price in Friday, October 14 report. The firm earned “Outperform” rating on Tuesday, December 22 by RBC Capital Markets. On Friday, September 16 the stock rating was maintained by BMO Capital Markets with “Outperform”.

More notable recent Asanko Gold Inc (TSE:AKG) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on March 04, 2013, also Business.Financialpost.com with their article: “Hedge fund claims 90% downside potential at Asanko Gold” published on June 29, 2016, Seekingalpha.com published: “Asanko Gold: More Upside On The Horizon” on October 19, 2016. More interesting news about Asanko Gold Inc (TSE:AKG) were released by: Seekingalpha.com and their article: “Asanko Gold Will Continue Outperforming Peers – Here’s Why” published on September 27, 2016 as well as Seekingalpha.com‘s news article titled: “Asanko Gold: Mining Ahead, But Falling Further Behind” with publication date: October 21, 2016.

Asanko Gold Inc. is an exploration and development-stage company. The company has a market cap of $1.11 billion. The Firm is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. It currently has negative earnings. The Company’s segment is the exploration and development of resource properties.

AKG.TO Company Profile

Asanko Gold Inc. (Asanko), incorporated on October 23, 1999, is an exploration and development-stage company. The Firm is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. The Company’s segment is the exploration and development of resource properties. In addition to its principal project, the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration. The Company’s subsidiaries include Keegan Resources (Ghana) Limited Ghana (Asanko Ghana), Adansi Gold Company (GH) Limited (Adansi Ghana), Asanko Gold South Africa (PTY) Ltd., Asanko International (Barbados) Inc., Asanko Gold (Barbados) Inc. and PMI Gold Corporation (PMI). PMI is a resource exploration and development firm which, through its subsidiaries, holds exploration and mining leases in the Ashanti and Asankrangwa Gold Belts of Ghana, Africa. PMI’s principal project is a gold development project, the Obotan Gold Project, which has been combined with the Company’s principal project, the Esaase Gold Project, to form the Asanko Gold Mine.

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