New Gold Inc. Just Recorded A Sigfniciant Gap Up

 New Gold Inc. Just Recorded A Sigfniciant Gap Up

The stock of New Gold Inc. (TSE:NGD) gapped up by $0.01 today and has $7.49 target or 34.00% above today’s $5.59 share price. The 8 months technical chart setup indicates low risk for the $2.87 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $7.49 price target is reached, the company will be worth $975.80 million 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 2.79 million shares traded hands or 54.14% up from the average. 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 -17.53% below today’s ($5.59) stock price. New Gold Inc. has been the topic of 14 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of New Gold Inc. (TSE:NGD) has “Sector Perform” rating given on Friday, October 7 by RBC Capital Markets. The stock of New Gold Inc. (TSE:NGD) has “Sector Perform” rating given on Wednesday, June 29 by RBC Capital Markets. National Bank Canada downgraded the stock to “Sector Perform” rating in Friday, October 30 report. The firm earned “Neutral” rating on Thursday, February 4 by JP Morgan. The stock of New Gold Inc. (TSE:NGD) earned “Hold” rating by Desjardins Securities on Tuesday, February 23. The rating was downgraded by Mackie on Thursday, October 29 to “Hold”. Mackie upgraded New Gold Inc. (TSE:NGD) rating on Friday, August 28. Mackie has “Buy” rating and $4 price target. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, November 17 report.

New Gold Inc. is a Canada-based intermediate gold mining company. The company has a market cap of $2.87 billion. The Firm is engaged in the development and operation of mineral properties. It has a 158.72 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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