The stock of Cancana Resources Corp (CVE:CNY) gapped up by $0.04 today and has $0.88 target or 121.00% above today’s $0.40 share price. The 5 months technical chart setup indicates low risk for the $33.15M company. The gap was reported on Nov, 15 by Barchart.com. If the $0.88 price target is reached, the company will be worth $40.11M 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 61,500 shares traded hands or 60.49% up from the average. Cancana Resources Corp (CVE:CNY) has risen 6.00% since October 16, 2016 and is uptrending. It has outperformed by 2.07% the S&P500.
More notable recent Cancana Resources Corp (CVE:CNY) news were published by: Marketwatch.com which released: “Cancana Resources Corp. Enters Into Arrangement Agreement to Reorganize Structure” on October 03, 2016, also Mining.com with their article: “Cancana Resources issued a cease trade order” published on June 28, 2013, Investorintel.com published: “Cancana Resources – Production Trumps Inaction” on September 16, 2015. More interesting news about Cancana Resources Corp (CVE:CNY) were released by: Investorintel.com and their article: “Cancana Resources â€“ Ramping Up Manganese Mining in Brazil” published on January 20, 2016 as well as Juniorminingnetwork.com‘s news article titled: “Cancana Reports on AGM Results and Shareholder Approval of Reorganization …” with publication date: November 15, 2016.
Cancana Resources Corp. is an exploration-stage company. The company has a market cap of $33.15 million. The Firm is engaged in the business of sourcing mineral properties and exploring them through drilling and research in order to prove up a resource reserve. It currently has negative earnings. The Firm is focused on the manganese production in Brazil.
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