Zenyatta Ventures Ltd Could Burn Your Portfolio. Has Another Gap Down

 Zenyatta Ventures Ltd Could Burn Your Portfolio. Has Another Gap Down

The stock of Zenyatta Ventures Ltd (CVE:ZEN) gapped down by $0.04 today and has $0.88 target or 13.00% below today’s $1.01 share price. The 7 months technical chart setup indicates high risk for the $60.51 million company. The gap down was reported on Nov, 9 by Barchart.com. If the $0.88 price target is reached, the company will be worth $7.87 million 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 36,200 shares traded hands. Zenyatta Ventures Ltd (CVE:ZEN) has risen 6.00% since October 10, 2016 and is uptrending. It has outperformed by 1.22% the S&P500.

More notable recent Zenyatta Ventures Ltd (CVE:ZEN) news were published by: Marketwatch.com which released: “Zenyatta Ventures Ltd. Strengthens Technical Team With the Addition of …” on July 06, 2016, also Business.Financialpost.com with their article: “Zenyatta Ventures Graphene – Wonder material makes concrete stronger and …” published on August 22, 2016, Marketwired.com published: “Zenyatta & Ballard Power Systems Achieve Success on Performance Testing Using …” on March 29, 2016. More interesting news about Zenyatta Ventures Ltd (CVE:ZEN) were released by: Theglobeandmail.com and their article: “Zenyatta Ventures in a gently sloping decline” published on August 14, 2015 as well as Business.Financialpost.com‘s news article titled: “Why is this tiny firm — with no revenue nor income — Canada’s second-best …” with publication date: August 27, 2013.

Zenyatta Ventures Ltd. is a junior mineral exploration firm focused primarily on mineral deposits in Northern Ontario, Canada. The company has a market cap of $60.51 million. The Firm is engaged in exploring mining projects and holds an interest in exploration licenses on properties in the Arc of Fire area in Northern Ontario. It currently has negative earnings. The properties, located north of Lake Superior and west of James Bay in north-western Ontario, are unpatented, noncontiguous, and consist of approximately 10 blocks of claims , approximately 160 claims and over 2,360 claim units, totaling approximately 376.96 square kilometers and over 37,700 hectares (the Claims).

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