The stock of West African Resources Ltd. (CVE:WAF) gapped down by $0.005 today and has $0.26 target or 11.00% below today’s $0.29 share price. The 6 months technical chart setup indicates high risk for the $145.16 million 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 $15.97 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 101,500 shares traded hands. West African Resources Ltd. (CVE:WAF) has risen 6.00% since October 12, 2016 and is uptrending. It has underperformed by 0.15% the S&P500.
More news for West African Resources Ltd. (CVE:WAF) were recently published by: Fool.com.Au, which released: “Why the West African Resources Ltd share price has been going gangbusters” on August 10, 2016. Juniorminingnetwork.com‘s article titled: “West African Resources Achieves Permitting Milestone” and published on August 08, 2016 is yet another important article.
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