Pretium Resources Inc Draws Bearish Focus After Its Gap Down Today

 Pretium Resources Inc Draws Bearish Focus After Its Gap Down Today

The stock of Pretium Resources Inc (TSE:PVG) gapped down by $0.12 today and has $11.63 target or 9.00% below today’s $12.78 share price. The 9 months technical chart setup indicates high risk for the $2.21 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $11.63 price target is reached, the company will be worth $198.90 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 192,883 shares traded hands. Pretium Resources Inc (TSE:PVG) has risen 88.22% since April 1, 2016 and is uptrending. It has outperformed by 86.26% the S&P500.

Pretium Resources Inc (TSE:PVG) Ratings Coverage

Out of 7 analysts covering Pretium Resources (TSE:PVG), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $16.75 is the highest target while $8.50 is the lowest. The $12.81 average target is 0.23% above today’s ($12.78) stock price. Pretium Resources has been the topic of 13 analyst reports since August 24, 2015 according to StockzIntelligence Inc. The firm has “Sector Perform” rating given on Tuesday, June 28 by RBC Capital Markets. The stock of Pretium Resources Inc (TSE:PVG) earned “Sector Perform” rating by Scotia Capital on Friday, July 22.

More news for Pretium Resources Inc (TSE:PVG) were recently published by: Fool.com, which released: “Why Pretium Resources Inc Shares Plunged Today” on February 23, 2016. Forbes.com‘s article titled: “Pretium Resources Becomes Oversold (PVG)” and published on August 24, 2016 is yet another important article.

Pretium Resources Inc. is a Canada-based exploration and development company. The company has a market cap of $2.21 billion. The Firm is engaged in the acquisition, exploration and development of precious metal resource properties in the Americas. It currently has negative earnings. The Company’s projects include Brucejack Project and the Snowfield Project, both of which are located in northwestern British Columbia.

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