After Today’s Gap Up, Is New Gold Inc.’s Near-Term Analysis Positive

 After Today's Gap Up, Is New Gold Inc.'s Near Term Analysis Positive

The stock of New Gold Inc. (TSE:NGD) gapped up by $0.06 today and has $10.26 target or 69.00% above today’s $6.07 share price. The 9 months technical chart setup indicates low risk for the $3.11 billion company. The gap was reported on Nov, 9 by If the $10.26 price target is reached, the company will be worth $2.15 billion 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 1.12 million shares traded hands. New Gold Inc. (TSE:NGD) has risen 9.27% since April 5, 2016 and is uptrending. It has outperformed by 4.49% the S&P500.

New Gold Inc. (TSE:NGD) Ratings Coverage

Out of 8 analysts covering New Gold Inc. (TSE:NGD), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. $6 is the highest target while $3.50 is the lowest. The $4.61 average target is -24.05% below today’s ($6.07) stock price. New Gold Inc. has been the topic of 14 analyst reports since July 28, 2015 according to StockzIntelligence Inc. As per Thursday, October 29, the company rating was downgraded by Mackie. Desjardins Securities upgraded New Gold Inc. (TSE:NGD) on Tuesday, February 23 to “Hold” rating. The firm has “Sector Perform” rating by RBC Capital Markets given on Friday, October 7. RBC Capital Markets maintained the shares of NGD in a report on Tuesday, November 17 with “Outperform” rating. JP Morgan initiated New Gold Inc. (TSE:NGD) on Thursday, February 4 with “Neutral” rating. The stock of New Gold Inc. (TSE:NGD) has “Buy” rating given on Friday, August 28 by Mackie. The firm has “Sector Perform” rating by National Bank Canada given on Friday, October 30. The stock has “Sector Perform” rating given by RBC Capital Markets on Wednesday, June 29.

New Gold Inc. is a Canada-based intermediate gold mining company. The company has a market cap of $3.11 billion. The Firm is engaged in the development and operation of mineral properties. It has a 172.35 P/E ratio. The Firm has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada.

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