The stock of Eloro Resources Ltd (CVE:ELO) gapped down by $0.025 today and has $0.36 target or 14.00% below today’s $0.42 share price. The 7 months technical chart setup indicates high risk for the $12.07M company. The gap down was reported on Nov, 8 by Barchart.com. If the $0.36 price target is reached, the company will be worth $1.69 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%. About 34,300 shares traded hands or 195.54% up from the average. Eloro Resources Ltd (CVE:ELO) has risen 6.00% since October 9, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
More notable recent Eloro Resources Ltd (CVE:ELO) news were published by: Marketwired.com which released: “Eloro Resources Ltd. Files NI 43-101 Technical Report on the La Victoria Gold …” on September 07, 2016, also Marketwatch.com with their article: “Eloro Resources Ltd. Proceeds with Phase II Exploration Program on the La …” published on October 19, 2016, Marketwatch.com published: “Eloro Resources’ Acquisition of a 100% Interest in the La Victoria Gold/Silver …” on October 17, 2016. More interesting news about Eloro Resources Ltd (CVE:ELO) were released by: Marketwired.com and their article: “Eloro Resources and Tartisan Resources Enter Into Agreement for Eloro to …” published on May 30, 2016 as well as Marketwired.com‘s news article titled: “Eloro Resources and Tartisan Resources Announce Execution of Definitive …” with publication date: August 05, 2016.
Eloro Resources Ltd. is an exploration-stage gold exploration and development company. The company has a market cap of $12.07 million. The Firm is engaged in the exploration and development of gold and base metal properties. It currently has negative earnings. The Firm operates through the segment of mineral exploration in Peru.
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