The stock of Royal Canadian Mint (TSE:MNT) gapped down by $0.25 today and has $17.20 target or 6.00% below today’s $18.30 share price. The 8 months technical chart setup indicates high risk for the $541.05M company. The gap down was reported on Nov, 7 by Barchart.com. If the $17.20 price target is reached, the company will be worth $32.46M 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 11,306 shares traded hands. Royal Canadian Mint (TSE:MNT) has risen 10.55% since April 1, 2016 and is uptrending. It has outperformed by 8.60% the S&P500.
More notable recent Royal Canadian Mint (TSE:MNT) news were published by: Cbc.ca which released: “Royal Canadian Mint unveils its 2017 Canada 150 circulation coin series” on November 02, 2016, also Washingtonpost.com with their article: “Royal Canadian Mint employee allegedly smuggled $140000 worth of gold in his butt” published on September 21, 2016, Cbc.ca published: “Royal Canadian Mint issues collector coin for royal visit” on September 27, 2016. More interesting news about Royal Canadian Mint (TSE:MNT) were released by: Wsj.com and their article: “MintChip Digital Currency Sold to NanoPay by Royal Canadian Mint” published on January 12, 2016 as well as Cbc.ca‘s news article titled: “MintChip launch Tuesday brings Canadian-made digital cash to consumers” with publication date: June 21, 2016.
The Royal Canadian Mint is an agent company. The company has a market cap of $541.05 million. The Firm is engaged in producing various circulation coins used in Canada and manages the support distribution system for the Government of Canada. It currently has negative earnings. The Firm is the producer of circulation, collector and bullion investment coins for the domestic and international marketplace.
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