Could Nighthawk Gold Corp Gain Strenght? The Stock Just Gapped Down

 Could Nighthawk Gold Corp Gain Strenght? The Stock Just Gapped Down

The stock of Nighthawk Gold Corp (CVE:NHK) gapped down by $0.005 today and has $0.41 target or 14.00% below today’s $0.48 share price. The 8 months technical chart setup indicates high risk for the $67.77M company. The gap down was reported on Nov, 7 by Barchart.com. If the $0.41 price target is reached, the company will be worth $9.49M 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%. The stock last traded at $0.475 per share. It is down 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

More notable recent Nighthawk Gold Corp (CVE:NHK) news were published by: Marketwired.com which released: “Nighthawk Gold Corp. Announces Proposed Acquisition of Superior Copper Corporation” on February 25, 2016, also Seekingalpha.com with their article: “Tracking Acquisition Targets: Nighthawk Gold” published on October 28, 2016, Prnewswire.com published: “StockNewsNow.com Publishes New SNNLive Video Interview with Nighthawk Gold …” on August 31, 2016. More interesting news about Nighthawk Gold Corp (CVE:NHK) were released by: Marketwired.com and their article: “Nighthawk Intersects 52.07 Metres of 7.72 g/t Gold (Uncut) and 31.45 Metres of …” published on September 13, 2016 as well as Juniorminingnetwork.com‘s news article titled: “Nighthawk Gold Announces Strategic Investment by Kinross Gold” with publication date: October 13, 2016.

Nighthawk Gold Corp., formerly known as Merc International Minerals Inc., is an exploration company. The company has a market cap of $67.77 million. The Firm is engaged in the identification, acquisition, exploration and evaluation of gold properties in the Northwest Territories. It currently has negative earnings. The Company’s land position covers approximately 222,200 acres in the Indin Lake Gold Camp, which is located over 200 kilometers north of Yellowknife, Northwest Territories.

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