What Next for Barkerville Gold Mines Ltd After Today’s Gap Down?

 What Next for Barkerville Gold Mines Ltd After Today's Gap Down?

The stock of Barkerville Gold Mines Ltd (CVE:BGM) gapped down by $0.01 today and has $0.51 target or 13.00% below today’s $0.59 share price. The 7 months technical chart setup indicates high risk for the $175.56M company. The gap down was reported on Nov, 7 by Barchart.com. If the $0.51 price target is reached, the company will be worth $22.82 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%. The stock last traded at $0.59 per share. It is down 6.00% since October 8, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

More notable recent Barkerville Gold Mines Ltd (CVE:BGM) news were published by: Marketwatch.com which released: “Barkerville Gold Mines Provides Corporate Update” on July 06, 2016, also Marketwired.com with their article: “Osisko Mining Announces Acquisition of Common Shares of Barkerville Gold” published on August 08, 2016, Juniorminingnetwork.com published: “Barkerville Gold Mines Announces Sale of Shares by Controlling Shareholder to …” on August 09, 2016. More interesting news about Barkerville Gold Mines Ltd (CVE:BGM) were released by: Marketwatch.com and their article: “Barkerville Gold Mines Grants Stock Options” published on March 08, 2016 as well as Business.Financialpost.com‘s news article titled: “Junior miner Barkerville admits error in gold estimate” with publication date: June 25, 2013.

Barkerville Gold Mines Ltd. is engaged in the production and sale of gold, and the exploration, development, and acquisition of mineral properties in British Columbia. The company has a market cap of $175.56 million. The Firm controls approximately 117,440 hectares of mineral tenure, including over three historic groups of contiguous Crown-Granted mineral claims, namely the Cariboo Group, Island Mountain Group and Mosquito Creek Group, as well as a block of contiguous mineral tenures centered around the Town of Wells, which is located approximately 80 kilometers east of Quesnel, British Columbia. It currently has negative earnings. The Company’s QR Mine & Mill is located approximately 60 kilometers southeast of Quesnel, in the Cariboo Mining District.

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