Silver Standard Resources Inc. Gaps Down; Strong Momentum for Sellers

 Silver Standard Resources Inc. Gaps Down; Strong Momentum for Sellers

The stock of Silver Standard Resources Inc. (TSE:SSO) gapped down by $0.1 today and has $14.06 target or 5.00% below today’s $14.80 share price. The 9 months technical chart setup indicates high risk for the $1.86 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $14.06 price target is reached, the company will be worth $93.00M 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 296,487 shares traded hands. Silver Standard Resources Inc. (TSE:SSO) has risen 109.71% since April 1, 2016 and is uptrending. It has outperformed by 107.76% the S&P500.

Silver Standard Resources Inc. (TSE:SSO) Ratings Coverage

Out of 3 analysts covering Silver Standard Resources (TSE:SSO), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $17 is the highest target while $6.40 is the lowest. The $12.05 average target is -18.58% below today’s ($14.8) stock price. Silver Standard Resources has been the topic of 8 analyst reports since September 1, 2015 according to StockzIntelligence Inc. The rating was initiated by National Bank Canada on Wednesday, June 29 with “Outperform”. BMO Capital Markets maintained the shares of SSO in a report on Monday, August 15 with “Market Perform” rating.

Another recent and important Silver Standard Resources Inc. (TSE:SSO) news was published by Fool.com which published an article titled: “Investors Are Taking a Shine to Silver Standard Resources Inc. Today” on August 11, 2016.

Silver Standard Resources Inc. is a resource company. The company has a market cap of $1.86 billion. The Firm is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. It currently has negative earnings. The Firm operates through three divisions: Pirquitas mine, Marigold mine, and Exploration and evaluation properties.

SSO.TO Company Profile

Silver Standard Resources Inc., incorporated on December 11, 1946, is a resource company. The Firm is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Firm operates through three divisions: Pirquitas mine, Marigold mine, and Exploration and evaluation properties. The Firm has over two producing mines and a portfolio of silver resource dominant projects located throughout the Americas. The Firm is focused on silver production from the Pirquitas mine in Argentina and gold production from the Marigold mine in Nevada, the United States. The Company’s other projects include San Lius project in Peru, Pitarrilla project in Mexico and Berenguela project in Peru.

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