The stock of Pure Gold Mining Inc (CVE:PGM) gapped down by $0.01 today and has $0.50 target or 13.00% below today’s $0.58 share price. The 6 months technical chart setup indicates high risk for the $100.10 million company. The gap down was reported on Nov, 8 by Barchart.com. If the $0.50 price target is reached, the company will be worth $13.01M 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 198,190 shares traded hands. Pure Gold Mining Inc (CVE:PGM) has risen 6.00% since October 9, 2016 and is uptrending. It has outperformed by 4.04% the S&P500.
More notable recent Pure Gold Mining Inc (CVE:PGM) news were published by: Seekingalpha.com which released: “Insiders Are Buying Pure Gold Mining: Should You?” on October 21, 2016, also Mining.com with their article: “Vancouver junior off to the races on Red Lake drilling” published on April 04, 2016, Marketwatch.com published: “Pure Gold Announces Grant of Options” on October 13, 2016. More interesting news about Pure Gold Mining Inc (CVE:PGM) were released by: Juniorminingnetwork.com and their article: “Pure Gold Mining Intersects 34.0 g/t Gold Over 11.0 Metres at Starratt …” published on October 03, 2016 as well as Marketwired.com‘s news article titled: “Pure Gold Announces Agreement to Sell Non-Core Assets to Premier Gold for $5 …” with publication date: December 02, 2015.
Pure Gold Mining Inc., formerly Laurentian Goldfields Ltd., is a gold-focused exploration and development company, which is engaged in the acquisition, exploration and development of mineral properties or interests in companies controlling mineral properties. The company has a market cap of $100.10 million. The Firm is focused on discovering mineralization on its property, the Madsen Gold Project, which is located in Red Lake greenstone belt. It currently has negative earnings. The Madsen Gold Project property is host to approximately three past-producing mines, existing mine infrastructure, Mineral Resources, and multiple prospective exploration targets in a geological setting analogous to other high grade discoveries in the Red Lake District.
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