The stock of Wesdome Gold Mines Ltd (TSE:WDO) gapped down by $0.01 today and has $2.36 target or 12.00% below today’s $2.68 share price. The 9 months technical chart setup indicates high risk for the $334.36M company. The gap down was reported on Nov, 7 by Barchart.com. If the $2.36 price target is reached, the company will be worth $40.12 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 201,963 shares traded hands. Wesdome Gold Mines Ltd (TSE:WDO) has risen 74.55% since April 1, 2016 and is uptrending. It has outperformed by 72.59% the S&P500.
Wesdome Gold Mines Ltd (TSE:WDO) Ratings Coverage
Out of 3 analysts covering Wesdome Gold Mines Ltd (TSE:WDO), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Wesdome Gold Mines Ltd has been the topic of 9 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Salman Partners on Monday, November 30. The company was maintained on Tuesday, August 11 by M Partners. On Thursday, February 4 the stock rating was reinitiated by Dundee Securities with “Buy”. The firm has “Speculative Buy” rating given on Wednesday, January 13 by Clarus Securities. National Bank Canada maintained the stock with “Outperform” rating in Monday, May 2 report.
Another recent and important Wesdome Gold Mines Ltd (TSE:WDO) news was published by Business.Financialpost.com which published an article titled: “Wesdome Gold Mines stock soars on new gold discovery at shuttered Quebec mine” on August 25, 2016.
Wesdome Gold Mines Ltd. is engaged in gold mining operations. The company has a market cap of $334.36 million. The Firm is producing gold at the Eagle River Complex and open pit Mishi gold mines. It currently has negative earnings. The Company’s Eagle River Complex is located in Central Ontario, which includes the Eagle River Mine, the Mishi Mine and shared infrastructure, including the mineral processing plant.
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