Does Golden Valley Mines Ltd. Have Any Gas After Today’s Gap Down?

 Does Golden Valley Mines Ltd. Have Any Gas After Today's Gap Down?

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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