The stock of NovaGold Resources Inc. (TSE:NG) gapped down by $0.06 today and has $6.15 target or 8.00% below today’s $6.68 share price. The 5 months technical chart setup indicates high risk for the $2.24 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $6.15 price target is reached, the company will be worth $179.20M 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 230,819 shares traded hands. NovaGold Resources Inc. (TSE:NG) has risen 8.33% since April 1, 2016 and is uptrending. It has outperformed by 6.38% the S&P500.
NovaGold Resources Inc. (TSE:NG) Ratings Coverage
Out of 3 analysts covering NovaGold Resources (TSE:NG), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. NovaGold Resources has been the topic of 3 analyst reports since January 29, 2016 according to StockzIntelligence Inc. The stock of NovaGold Resources Inc. (TSE:NG) has “Sector Perform” rating given on Tuesday, June 28 by RBC Capital Markets. JP Morgan initiated the stock with “Neutral” rating in Thursday, February 4 report.
Novagold Resources Inc. is a mineral exploration company. The company has a market cap of $2.24 billion. The Firm is engaged in the exploration and development of mineral properties. It currently has negative earnings. The Company’s segment is involved in the exploration and development of mineral properties.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.