Could Komet Resources Inc Change Direction After Today’s Gap Up?

 Could Komet Resources Inc Change Direction After Today's Gap Up?

The stock of Komet Resources Inc (CVE:KMT) gapped up by $0.01 today and has $1.00 target or 92.00% above today’s $0.52 share price. The 6 months technical chart setup indicates low risk for the $30.73M company. The gap was reported on Nov, 8 by Barchart.com. If the $1.00 price target is reached, the company will be worth $28.27M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 51,000 shares traded hands or 17.93% up from the average. Komet Resources Inc (CVE:KMT) has risen 6.00% since October 9, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

More notable recent Komet Resources Inc (CVE:KMT) news were published by: Investingnews.com which released: “Komet Resources” on May 19, 2016, also Marketwired.com with their article: “Komet: Significant Increase in Gross Sales of Gold and Issuance of a Research …” published on August 12, 2016, Uk.Finance.Yahoo.com published: “Komet Signs Market Making Agreement With Questrade, Inc.” on July 22, 2016. More interesting news about Komet Resources Inc (CVE:KMT) were released by: Zacks.com and their article: “Lincoln Electric Buys Vizient to Drive Automation Growth” published on May 17, 2016 as well as Zacks.com‘s news article titled: “Why Kennametal (KMT) Stock Might be a Great Pick” with publication date: June 01, 2016.

Komet Resources Inc. is a gold mining company, which is focused on exploration and production at its projects in Burkina Faso, West Africa. The company has a market cap of $30.73 million. The Company’s properties include GUIRO – BURKINA FASO and the Moussala exploration permit. It currently has negative earnings. The Moussala exploration permit is located in the Kenieba gold mining camp in the Republic of Mali, West Africa.

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