The stock of Golden Valley Mines Ltd. (CVE:GZZ) gapped down by $0.01 today and has $0.26 target or 13.00% below today’s $0.30 share price. The 9 months technical chart setup indicates high risk for the $32.28M company. The gap down was reported on Nov, 11 by Barchart.com. If the $0.26 price target is reached, the company will be worth $4.20 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 299,456 shares traded hands or 61.76% up from the average. Golden Valley Mines Ltd. (CVE:GZZ) has risen 6.00% since October 12, 2016 and is uptrending. It has underperformed by 0.15% the S&P500.
More notable recent Golden Valley Mines Ltd. (CVE:GZZ) news were published by: Marketwired.com which released: “Golden Valley Mines Ltd./Corporate Update: New Director Appointed to Board” on March 16, 2016, also Marketwired.com with their article: “Golden Valley Mines Ltd. Engages Maxit Capital LP as Financial Advisor” published on April 02, 2015, Marketwired.com published: “Golden Valley Mines 2014 Exploration Update” on July 18, 2014. More interesting news about Golden Valley Mines Ltd. (CVE:GZZ) were released by: Marketwired.com and their article: “Golden Valley Enters Into Option Agreement With Bonterra Resources Inc.” published on March 11, 2016 as well as Marketwired.com‘s news article titled: “Abitibi Royalties Completes C$60 Million Transaction on the Malartic CHL Project” with publication date: March 20, 2015.
Golden Valley Mines Ltd. is engaged in the exploration and evaluation of minerals in Canada. The company has a market cap of $32.28 million. The Firm operates in a segment, being the sector of exploration and evaluation of mineral resources. It has a 6.13 P/E ratio. The Firm holds over 90 exploration and evaluation properties located in the Abitibi Greenstone Belt; the James Bay, Mistassini and Otish regions of northern Quebec; the Nunavik region of northern Quebec; the Athabasca Basin of Saskatchewan, and James Bay Lowlands of Ontario.
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