Could MAG Silver Corp Change Direction After Today’s Gap Down?

 Could MAG Silver Corp Change Direction After Today's Gap Down?

The stock of MAG Silver Corp (TSE:MAG) gapped down by $0.11 today and has $17.78 target or 6.00% below today’s $18.92 share price. The 8 months technical chart setup indicates high risk for the $1.50 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $17.78 price target is reached, the company will be worth $90.00M 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 79,487 shares traded hands. MAG Silver Corp (TSE:MAG) has risen 60.02% since April 1, 2016 and is uptrending. It has outperformed by 58.06% the S&P500.

MAG Silver Corp (TSE:MAG) Ratings Coverage

Out of 2 analysts covering Mag Silver Corp (TSE:MAG), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $23.75 is the highest target while $10 is the lowest. The $16.94 average target is -10.47% below today’s ($18.92) stock price. Mag Silver Corp has been the topic of 5 analyst reports since September 1, 2015 according to StockzIntelligence Inc. The company was maintained on Wednesday, June 29 by TD Securities. The firm has “Hold” rating by TD Securities given on Thursday, September 22.

More news for MAG Silver Corp (TSE:MAG) were recently published by: Marketwatch.com, which released: “MAG Silver Corp.” on November 09, 2010. Theglobeandmail.com‘s article titled: “The Globe and Mail” and published on November 29, 2011 is yet another important article.

MAG Silver Corp. is a mineral exploration and development company. The company has a market cap of $1.50 billion. The Firm is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. It currently has negative earnings. The Firm operates through the exploration of mineral properties in Mexico segment.

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