The stock of Chesapeake Gold Corp. (CVE:CKG) gapped down by $0.05 today and has $3.88 target or 12.00% below today’s $4.41 share price. The 8 months technical chart setup indicates high risk for the $204.04 million company. The gap down was reported on Nov, 7 by Barchart.com. If the $3.88 price target is reached, the company will be worth $24.48M 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 8,925 shares traded hands. Chesapeake Gold Corp. (CVE:CKG) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
More notable recent Chesapeake Gold Corp. (CVE:CKG) news were published by: Investorintel.com which released: “Mining Strategist Ecclestone on his “Buy” Recommendation on Chesapeake Gold Corp.” on March 29, 2016, also Business.Financialpost.com with their article: “Podcast: Chesapeake Gold Corp CEO Randy Reifel on the 18.5 million-ounce …” published on May 09, 2016, Investorintel.com published: “Chesapeake Gold measures up to Novagold in peer-to-peer comparison” on October 06, 2015. More interesting news about Chesapeake Gold Corp. (CVE:CKG) were released by: Investorintel.com and their article: “Reifel on Chesapeake Gold’s â€œworld-classâ€ gold, silver and zinc reserves” published on October 16, 2015 as well as Investorintel.com‘s news article titled: “The Water Rush: Chesapeake Gold to use desalinated process water at Metates” with publication date: June 26, 2015.
Chesapeake Gold Corp. is a development-stage company. The company has a market cap of $204.04 million. The Firm is a mining firm focused on the exploration, development and recovery of precious metals. It currently has negative earnings. The Company’s activities are the development of its Metates gold-silver project and generating a pipeline of exploration projects in north western Mexico.
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