Time to Buy Torex Gold Resources Inc After Today’s Gap Up?

 Time to Buy Torex Gold Resources Inc After Today's Gap Up?

The stock of Torex Gold Resources Inc (TSE:TXG) gapped up by $0.68 today and has $30.72 target or 33.00% above today’s $23.10 share price. The 8 months technical chart setup indicates low risk for the $1.83B company. The gap was reported on Nov, 9 by Barchart.com. If the $30.72 price target is reached, the company will be worth $603.90M 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 903,412 shares traded hands or 88.34% up from the average. Torex Gold Resources Inc (TSE:TXG) has risen 23.45% since April 5, 2016 and is uptrending. It has outperformed by 18.66% the S&P500.

Torex Gold Resources Inc (TSE:TXG) Ratings Coverage

Out of 4 analysts covering Torex Gold Resources (TSE:TXG), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $40 is the highest target while $1.50 is the lowest. The $29.70 average target is 28.57% above today’s ($23.1) stock price. Torex Gold Resources has been the topic of 10 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Cormark Securities on Friday, April 29. The firm has “Sector Outperform” rating by Scotia Capital given on Tuesday, July 21. The company was maintained on Monday, August 24 by RBC Capital Markets.

Another recent and important Torex Gold Resources Inc (TSE:TXG) news was published by Juniorminingnetwork.com which published an article titled: “Torex Gold Resources Announces Q2 2016 Financial and Operational Results” on August 11, 2016.

Torex Gold Resources Inc. is a Canada resource company. The company has a market cap of $1.83 billion. The Firm operates through the segment of exploration and development of mineral properties in Mexico. It currently has negative earnings. It is engaged in the exploration, development and operation of the Morelos Gold Property.

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