The stock of Torex Gold Resources Inc (TSE:TXG) gapped down by $0.3 today and has $19.92 target or 8.00% below today’s $21.65 share price. The 7 months technical chart setup indicates high risk for the $1.78B company. The gap down was reported on Nov, 7 by Barchart.com. If the $19.92 price target is reached, the company will be worth $142.40 million 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 277,566 shares traded hands. Torex Gold Resources Inc (TSE:TXG) has risen 35.34% since April 1, 2016 and is uptrending. It has outperformed by 33.39% the S&P500.
Torex Gold Resources Inc (TSE:TXG) Ratings Coverage
Out of 4 analysts covering Torex Gold Resources (TSE:TXG), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $40 is the highest target while $1.50 is the lowest. The $29.70 average target is 37.18% above today’s ($21.65) stock price. Torex Gold Resources has been the topic of 10 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Friday, April 29 by Cormark Securities. The firm earned “Sector Outperform” rating on Tuesday, July 21 by Scotia Capital. RBC Capital Markets maintained the stock with “Outperform” rating in Monday, August 24 report.
More news for Torex Gold Resources Inc (TSE:TXG) were recently published by: Juniorminingnetwork.com, which released: “Torex Gold Resources Announces Q2 2016 Financial and Operational Results” on August 11, 2016. Business.Financialpost.com‘s article titled: “Torex Gold upgraded, but security issues remain” and published on April 07, 2015 is yet another important article.
Torex Gold Resources Inc. is a Canada resource company. The company has a market cap of $1.78 billion. The Firm operates through the segment of exploration and development of mineral properties in Mexico. It currently has negative earnings. It is engaged in the exploration, development and operation of the Morelos Gold Property.
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