Is Selling Stock Like Rye Patch Gold Corp. After Such Gap Down a Winning Strategy?

 Is Selling Stock Like Rye Patch Gold Corp. After Such Gap Down a Winning Strategy?

The stock of Rye Patch Gold Corp. (CVE:RPM) gapped down by $0.005 today and has $0.28 target or 10.00% below today’s $0.32 share price. The 5 months technical chart setup indicates high risk for the $122.00 million company. The gap down was reported on Nov, 3 by Barchart.com. If the $0.28 price target is reached, the company will be worth $12.20M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 47,150 shares traded hands. Rye Patch Gold Corp. (CVE:RPM) has risen 6.00% since October 4, 2016 and is uptrending. It has outperformed by 4.79% the S&P500.

More notable recent Rye Patch Gold Corp. (CVE:RPM) news were published by: Seekingalpha.com which released: “Rye Patch Gold Still Looks Good” on May 29, 2015, also Seekingalpha.com with their article: “My Conversation With Rye Patch Gold’s Bill Howald” published on December 06, 2014, Juniorminingnetwork.com published: “Rye Patch Gold Provides Update on Florida Canyon Mine Re-start” on September 27, 2016. More interesting news about Rye Patch Gold Corp. (CVE:RPM) were released by: Seekingalpha.com and their article: “Rye Patch Gold: Dilutive Financing Limits Upside, Buy West Kirkland Mining For …” published on July 05, 2016 as well as Stockhouse.com‘s news article titled: “IIROC Trade Halt – Rye Patch Gold Corp.” with publication date: June 11, 2012.

Rye Patch Gold Corp. is an exploration-stage firm engaged in the acquisition, exploration and development of mineral properties in Nevada, the United States through its subsidiary, Rye Patch Gold US Inc. The company has a market cap of $122.00 million. The Company’s activities are focused on over two geological trends in Nevada, including Oreana Trend and Cortez Trend. It has a 40.28 P/E ratio. The Oreana Trend includes Lincoln Hill Resource project and Wilco Resource project.

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