The stock of Osisko Mining Corp (TSE:OSK) gapped down by $0.02 today and has $2.35 target or 12.00% below today’s $2.67 share price. The 5 months technical chart setup indicates high risk for the $417.20M company. The gap down was reported on Nov, 7 by Barchart.com. If the $2.35 price target is reached, the company will be worth $50.06 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 323,522 shares traded hands. Osisko Mining Corp (TSE:OSK) has risen 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
Another recent and important Osisko Mining Corp (TSE:OSK) news was published by Marketwired.com which published an article titled: “Oban Mining Corporation Changes Name to Osisko Mining Inc.” on June 14, 2016.
Osisko Mining Corp, formerly Oban Mining Corp, is a mineral exploration company. The company has a market cap of $417.20 million. The Firm is focused on the acquisition, exploration, and development of precious metal resource properties in Canada. It currently has negative earnings. The Firm focuses on Windfall Lake gold deposit located between Val-d Or and Chibougamau in Quebec, it holds interest in the claims surrounding the Urban Barry area, which covers approximately 82,400 hectares, and it also holds interest in the Marban project located in the Quebec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property.
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