The stock of NovaGold Resources Inc. (TSE:NG) gapped up by $0.07 today and has $9.59 target or 30.00% above today’s $7.38 share price. The 8 months technical chart setup indicates low risk for the $2.47 billion company. The gap was reported on Nov, 2 by Barchart.com. If the $9.59 price target is reached, the company will be worth $741.00 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 636,023 shares traded hands or 18.24% up from the average. NovaGold Resources Inc. (TSE:NG) has risen 2.63% since March 29, 2016 and is uptrending. It has outperformed by 0.11% the S&P500.
NovaGold Resources Inc. (TSE:NG) Ratings Coverage
Out of 3 analysts covering NovaGold Resources (TSE:NG), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. NovaGold Resources has been the topic of 3 analyst reports since January 29, 2016 according to StockzIntelligence Inc. The rating was initiated by JP Morgan with “Neutral” on Thursday, February 4. The company was maintained on Tuesday, June 28 by RBC Capital Markets.
Novagold Resources Inc. is a mineral exploration company. The company has a market cap of $2.47 billion. The Firm is engaged in the exploration and development of mineral properties. It currently has negative earnings. The Company’s segment is involved in the exploration and development of mineral properties.
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