Could MORIEN RESOURCES CORP Change Direction After Today’s Gap Down?

 Could MORIEN RESOURCES CORP Change Direction After Today's Gap Down?

The stock of MORIEN RESOURCES CORP (CVE:MOX) gapped down by $0.01 today and has $0.34 target or 14.00% below today’s $0.40 share price. The 7 months technical chart setup indicates high risk for the $22.53M company. The gap down was reported on Nov, 4 by Barchart.com. If the $0.34 price target is reached, the company will be worth $3.15 million 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 228,500 shares traded hands or 1340.19% up from the average. MORIEN RESOURCES CORP (CVE:MOX) has risen 6.00% since October 5, 2016 and is uptrending. It has outperformed by 4.91% the S&P500.

More notable recent MORIEN RESOURCES CORP (CVE:MOX) news were published by: Seekingalpha.com which released: “Morien Resources: Thinking Local With This Early Stage Royalty Company” on December 22, 2015, also Mining.com with their article: “Massive Canadian Donkin coal project now property of U.S. miner” published on January 13, 2015, Bloomberg.com published: “Coal Under Siege Offers `Red Hot’ Bargains to Willing Buyers” on September 18, 2015. More interesting news about MORIEN RESOURCES CORP (CVE:MOX) were released by: Juniorminingnetwork.com and their article: “Morien Provides Update on Donkin Coal Project” published on February 11, 2016 as well as Mining.com‘s news article titled: “US miner buys Glencore’s massive Donkin coal mine” with publication date: August 26, 2014.

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