The stock of MORIEN RESOURCES CORP (CVE:MOX) gapped up by $0.01 today and has $0.85 target or 112.00% above today’s $0.40 share price. The 8 months technical chart setup indicates low risk for the $19.85M company. The gap was reported on Nov, 11 by Barchart.com. If the $0.85 price target is reached, the company will be worth $22.23M 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 40,000 shares traded hands or 77.84% up from the average. MORIEN RESOURCES CORP (CVE:MOX) has risen 6.00% since October 12, 2016 and is uptrending. It has underperformed by 0.15% the S&P500.
More important recent MORIEN RESOURCES CORP (CVE:MOX) news were published by: Seekingalpha.com which released: “Morien Resources: Thinking Local With This Early Stage Royalty Company” on December 22, 2015, also Mining.com published article titled: “Massive Canadian Donkin coal project now property of U.S. miner”, Bloomberg.com published: “Coal Under Siege Offers `Red Hot’ Bargains to Willing Buyers” on September 18, 2015. More interesting news about MORIEN RESOURCES CORP (CVE:MOX) was released by: Juniorminingnetwork.com and their article: “Morien Provides Update on Donkin Coal Project” with publication date: February 11, 2016.
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