The stock of Algold Resources Ltd (CVE:ALG) gapped down by $0.005 today and has $0.28 target or 11.00% below today’s $0.31 share price. The 8 months technical chart setup indicates high risk for the $34.11 million company. The gap down was reported on Nov, 8 by Barchart.com. If the $0.28 price target is reached, the company will be worth $3.75 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 73,000 shares traded hands. Algold Resources Ltd (CVE:ALG) has risen 6.00% since October 9, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
More notable recent Algold Resources Ltd (CVE:ALG) news were published by: Investingnews.com which released: “Algold Resources Ltd.” on January 21, 2016, also Juniorminingnetwork.com with their article: “Algold Resources Intersects 28 g/t Au Over 2 Meters at Tijirit’s Eleonore Zone” published on October 05, 2016, Prnewswire.com published: “Algold: Results Further Extend Gold Mineralization to 3.4 Kilometer Strike at …” on November 02, 2016. More interesting news about Algold Resources Ltd (CVE:ALG) were released by: Prnewswire.com and their article: “Algold Grants Annual Compensation Stock Options to Directors and Officers” published on July 07, 2016 as well as Investingnews.com‘s news article titled: “Algold Confirms High Grade Gold Values on Legouessi LC Prospect in Mauritania” with publication date: February 23, 2016.
Algold Resources Ltd., formerly Kanosak Capital Venture Corporation, is a junior mineral exploration company. The company has a market cap of $34.11 million. The Firm is focused on the exploration and development of gold deposits in West Africa. It currently has negative earnings. The Company’s properties are located in Mauritania, including Kneivissat, Legouessi, and Tijirit and Akjoujt.
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