After Today’s Gap Down, Is Endeavour Mining Corp’s Near-Term Analysis Negative?

 After Today's Gap Down, Is Endeavour Mining Corp's Near Term Analysis Negative?

The stock of Endeavour Mining Corp (TSE:EDV) gapped down by $0.07 today and has $21.17 target or 9.00% below today’s $23.26 share price. The 6 months technical chart setup indicates high risk for the $2.10B company. The gap down was reported on Nov, 7 by Barchart.com. If the $21.17 price target is reached, the company will be worth $189.00M 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 147,411 shares traded hands. Endeavour Mining Corp (TSE:EDV) has risen 112.72% since April 1, 2016 and is uptrending. It has outperformed by 110.76% the S&P500.

Endeavour Mining Corp (TSE:EDV) Ratings Coverage

Out of 4 analysts covering Endeavour Mining Corp (TSE:EDV), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $31.75 is the highest target while $0.90 is the lowest. The $14.21 average target is -38.91% below today’s ($23.26) stock price. Endeavour Mining Corp has been the topic of 6 analyst reports since September 22, 2015 according to StockzIntelligence Inc. Endeavour Mining Corporation maintained the stock with “Outperform” rating in Wednesday, October 19 report. Raymond James upgraded the stock to “Outperform” rating in Monday, May 30 report. The stock of Endeavour Mining Corp (TSE:EDV) earned “Buy” rating by Peel Hunt on Thursday, September 1.

Another recent and important Endeavour Mining Corp (TSE:EDV) news was published by Globenewswire.com which published an article titled: “Endeavour Mining Corporation Closes C$144 million Bought Deal Financing” on July 11, 2016.

Endeavour Mining Corporation is an intermediate gold mining company. The company has a market cap of $2.10 billion. The Firm has an exploration portfolio in regions of Burkina Faso, Cote d’Ivoire, Mali and Ghana with a land package totaling approximately 5,080 square kilometers. It currently has negative earnings. The Company’s properties include Agbaou Gold Mine, Nzema Gold Mine, Tabakoto Gold Mine and Hounde Project.

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