Black Sea Copper & Gold Corp Gaps Down; Strong Momentum for Sellers

 Black Sea Copper & Gold Corp Gaps Down; Strong Momentum for Sellers

The stock of Black Sea Copper & Gold Corp (CVE:BLS) gapped down by $0.03 today and has $0.23 target or 13.00% below today’s $0.27 share price. The 5 months technical chart setup indicates high risk for the $11.76M company. The gap down was reported on Nov, 7 by Barchart.com. If the $0.23 price target is reached, the company will be worth $1.53M 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 43,562 shares traded hands or 86.45% up from the average. Black Sea Copper & Gold Corp (CVE:BLS) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

More recent Black Sea Copper & Gold Corp (CVE:BLS) news were published by: Marketwatch.com which released: “Black Sea Copper & Gold Corp.” on April 23, 2011. Also Stockhouse.com published the news titled: “Black Sea Copper & Gold Announces Exploration Program on Four Mineralized …” on October 13, 2016. Investingnews.com‘s news article titled: “Alternative Earth Resources Announces Acquisition and Name Change” with publication date: September 29, 2016 was also an interesting one.

Black Sea Copper & Gold Corp., formerly Alternative Earth Resources Inc., is a mineral exploration firm active in the Black Sea region of Eastern Europe. The company has a market cap of $11.76 million. The Firm is focused on copper and gold projects. It currently has negative earnings. The Firm holds interests in various mineral properties and license applications located in Eastern Europe, including Bulgaria, Serbia and Turkey.

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