The stock of GFG Resources Inc (CVE:GFG) gapped down by $0.01 today and has $1.31 target or 12.00% below today’s $1.49 share price. The 7 months technical chart setup indicates high risk for the $56.71 million company. The gap down was reported on Nov, 7 by Barchart.com. If the $1.31 price target is reached, the company will be worth $6.81M 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 117,200 shares traded hands or 404037.93% up from the average. GFG Resources Inc (CVE:GFG) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
More notable recent GFG Resources Inc (CVE:GFG) news were published by: Marketwired.com which released: “Crest Petroleum Announces Proposed Reverse Takeover With GFG Resources Inc …” on June 27, 2016, also Marketwatch.com with their article: “GFG Resources Inc.” published on November 01, 2016, Marketwatch.com published: “GFG Resources Inc. Begins Trading on TSX Venture Exchange” on October 26, 2016. More interesting news about GFG Resources Inc (CVE:GFG) were released by: Marketwired.com and their article: “Crest Petroleum Updates Proposed Reverse Takeover with GFG Resources Inc. and …” published on September 12, 2016 as well as Juniorminingnetwork.com‘s news article titled: “GFG Resources Begins Drilling at Rattlesnake Hills Gold Project, Wyoming” with publication date: November 01, 2016.
GFG Resources Inc, formerly Crest Petroleum Corp, is a Canada gold exploration company. The company has a market cap of $56.71 million. It owns the Rattlesnake Hills Gold Project, which is a gold exploration project that is located approximately 100 kilometers southwest of Casper, Wyoming. It currently has negative earnings. The Rattlesnake Hills Project is centrally located within an approximately 1,500 kilometer-long belt of alkalic intrusive complexes that occur along the eastern side of the Rocky Mountains from Montana to New Mexico, several of which are associated with multiple gold deposits.
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