Detour Gold Corporation Gaps Down; Strong Momentum for Sellers

 Detour Gold Corporation Gaps Down; Strong Momentum for Sellers

The stock of Detour Gold Corporation (TSE:DGC) gapped down by $0.45 today and has $18.86 target or 5.00% below today’s $19.85 share price. The 5 months technical chart setup indicates high risk for the $2.82 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $18.86 price target is reached, the company will be worth $141.00M 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 643,233 shares traded hands. Detour Gold Corporation (TSE:DGC) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

Detour Gold Corporation (TSE:DGC) Ratings Coverage

Out of 12 analysts covering Detour Gold Corporation (TSE:DGC), 8 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 67% are positive. $41 is the highest target while $17 is the lowest. The $27.20 average target is 37.03% above today’s ($19.85) stock price. Detour Gold Corporation has been the topic of 35 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Sector Perform” rating given on Thursday, November 3 by IBC. The stock of Detour Gold Corporation (TSE:DGC) has “Outperform” rating given on Wednesday, June 8 by Scotia Capital. The rating was maintained by National Bank Canada on Friday, November 27 with “Outperform”. The firm has “Outperform” rating by RBC Capital Markets given on Monday, August 24. As per Thursday, January 14, the company rating was maintained by RBC Capital Markets. National Bank Canada maintained Detour Gold Corporation (TSE:DGC) on Monday, June 27 with “Outperform” rating. As per Wednesday, November 2, the company rating was downgraded by Credit Suisse. As per Friday, July 29, the company rating was maintained by TD Securities. The stock of Detour Gold Corporation (TSE:DGC) has “Hold” rating given on Thursday, November 3 by GMP Securities. RBC Capital Markets maintained the stock with “Outperform” rating in Monday, August 10 report.

More notable recent Detour Gold Corporation (TSE:DGC) news were published by: Business.Financialpost.com which released: “Detour Gold Corp plunges, downgraded because of ‘uncertainty’ and …” on November 02, 2016, also Fool.ca with their article: “Why Detour Gold Corporation Is Different From Other Gold Miners” published on November 02, 2015, Business.Financialpost.com published: “Fed hesitation drives S&P/TSX Composite index, Detour Gold Corp higher” on March 17, 2016. More interesting news about Detour Gold Corporation (TSE:DGC) were released by: Business.Financialpost.com and their article: “Detour Gold founder resigns as miner struggles amid falling gold prices” published on November 25, 2013 as well as Theglobeandmail.com‘s news article titled: “Detour Gold: ‘The ultimate risk-reward name’ in gold miners” with publication date: November 13, 2014.

Detour Gold Corporation is a Canada intermediate gold producing company. The company has a market cap of $2.82 billion. The Firm is engaged in the acquisition, exploration, development and operation of mineral property interests. It currently has negative earnings. The Company’s primary asset is its Detour Lake mine, which is an open pit operation located in northeastern Ontario, approximately 300 kilometers northeast of Timmins and over 180 kilometers by road northeast of Cochrane.

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