Is California Gold Mining Inc a Buy? The Stock Gapped Up Today

 Is California Gold Mining Inc a Buy? The Stock Gapped Up Today

The stock of California Gold Mining Inc (CVE:CGM) gapped up by $0.03 today and has $1.00 target or 72.00% above today’s $0.58 share price. The 5 months technical chart setup indicates low risk for the $19.02M company. The gap was reported on Nov, 8 by Barchart.com. If the $1.00 price target is reached, the company will be worth $13.69M 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 123,000 shares traded hands or 630.62% up from the average. California Gold Mining Inc (CVE:CGM) has risen 6.00% since October 9, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.

More notable recent California Gold Mining Inc (CVE:CGM) news were published by: Investorideas.com which released: “California Gold Resource Released” on November 08, 2016, also Juniorminingnetwork.com with their article: “California Gold Mining Announces Maiden Resource Estimate at Fremont Property” published on November 01, 2016, Juniorminingnetwork.com published: “California Gold Appoints IAMGOLD Co-Founder Larry Phillips as Advisor to the …” on October 17, 2016. More interesting news about California Gold Mining Inc (CVE:CGM) were released by: Juniorminingnetwork.com and their article: “California Gold Announces Closing of Second Tranche of Private Placement” published on October 24, 2016 as well as Businesswire.com‘s news article titled: “Coeur to Present at Morgan Stanley Leveraged Finance Conference and The Silver …” with publication date: November 03, 2016.

California Gold Mining, Inc., formerly Upper Canada Gold Corporation, is a Canada junior mineral exploration company. The company has a market cap of $19.02 million. The Firm is engaged in acquisition, exploration and development of mineral resource properties. It currently has negative earnings. The Company’s projects include Fremont project and Dingman project.

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