The stock of Confederation Minerals Ltd (CVE:CFM) gapped up by $0.02 today and has $1.28 target or 78.00% above today’s $0.72 share price. The 9 months technical chart setup indicates low risk for the $5.46M company. The gap was reported on Nov, 3 by Barchart.com. If the $1.28 price target is reached, the company will be worth $4.26M 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 25,164 shares traded hands or 168.10% up from the average. Confederation Minerals Ltd (CVE:CFM) has risen 6.00% since October 4, 2016 and is uptrending. It has outperformed by 4.79% the S&P500.
More important recent Confederation Minerals Ltd (CVE:CFM) news were published by: Marketwatch.com which released: “Confederation Minerals Ltd. Closes Non-Brokered Private Placement” on October 28, 2016, also Marketwatch.com published article titled: “Confederation Minerals Ltd. Clarifying Previously Announced Private Placement”, Marketwired.com published: “Kariana Resources Inc. Appoints CEO and Director” on December 17, 2013. More interesting news about Confederation Minerals Ltd (CVE:CFM) was released by: Washingtontimes.com and their article: “The threats to America’s minerals” with publication date: November 01, 2015.
Confederation Minerals Ltd. is a junior resource firm whose business is to seek out and develop mineral deposits. The company has a market cap of $5.46 million. The Company’s principal business activity is the exploration of exploration and evaluation assets. It currently has negative earnings. The Firm has interest in Redstar’s Newman Todd gold project in the Red Lake Mining District of Northern Ontario.
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